Upcoming Argument in the Court of Appeals
On Tuesday, April 18, 2023, the Court of Appeals will hear argument in Gottwald v Sebert, APL-2022-82 and APL-2021-131. Continue reading Upcoming Argument in the Court of Appeals
Court Declines to Recharacterize Purchase Agreements as Loans
On February 28, 2023, Justice Borrok of the New York County Commercial Division issued a decision in Spin Capital, LLC v. Golden Foothill Ins. Servs., LLC, 2023 NY Slip Op. 30594(U), declining to recharacterize purchase agreements as loans for purposes of usury . . . Continue reading Court Declines to Recharacterize Purchase Agreements as Loans
Tolling Agreements Can Collectively Be Made for Longer Than the Limitations Period So Long As Each Individual Agreement Does Not Exceed That Period
On March 2, 2023, the First Department issued a decision in Freedom Trust 2011-2 v. HSBC Bank USA, N.A., 2023 NY Slip Op. 01135, holding that tolling agreements can collectively be made for longer than the statute of limitations period so long as each individual agreement does not exceed the limitations period . . . Continue reading Tolling Agreements Can Collectively Be Made for Longer Than the Limitations Period So Long As Each Individual Agreement Does Not Exceed That Period
Claims Barred by In Pari Delicto Defense
On February 15, 2023, Justice Borrok of the New York County Commercial Division issued a decision in Sharp v. Duff & Phelps, LLC, 2023 NY Slip Op. 30481(U). dismissing claims based on the in pari delicto defense . . . Continue reading Claims Barred by In Pari Delicto Defense
Motion to Dismiss Based on Documentary Evidence Fails Despite Plaintiff’s Heavy Burden on Summary Judgment or Trial
On February 22, 2023, the Second Department issued a decision in Alleyne v. Rutland Dev. Group, Inc., 2023 NY Slip Op. 00975, holding that a motion to dismiss based on documentary evidence was properly denied notwithstanding the plaintiff’s heavy burden on summary judgment or trial . . . Continue reading Motion to Dismiss Based on Documentary Evidence Fails Despite Plaintiff’s Heavy Burden on Summary Judgment or Trial
Foreclosure Action Plaintiff Allowed to Prove Possession of the Note by Submitting Copy of PSA and Mortgage Loan Schedule
On February 22, 2023, the Second Department issued a decision in Bank of N.Y. Mellon v. Selig, 2023 NY Slip Op. 00979, holding that a foreclosure action plaintiff was allowed to prove possession of the note by submitting a copy of the PSA and accompanying mortgage loan schedule . . . Continue reading Foreclosure Action Plaintiff Allowed to Prove Possession of the Note by Submitting Copy of PSA and Mortgage Loan Schedule
Untimely Action Could Not Be Consolidated With, and Made Timely by, Earlier Timely Action
On February 22, 2023, the Second Department issued a decision in HSBC Bank USA, N.A. v. Francis, 2023 NY Slip Op 00992, holding that an untimely action could not be consolidated with, and made timely by, an earlier timely action . . . Continue reading Untimely Action Could Not Be Consolidated With, and Made Timely by, Earlier Timely Action
Governor’s Covid Tolling Orders Did Not Affect Time to Cure Breach of Commercial Lease
On February 22, 2023, the Second Department issued a decision in Prestige Deli & Grill Corp. v. PLG Bedford Holdings, LLC, 2023 NY Slip Op. 01019, holding that the Governor’s Covid tolling orders did not affect the time to cure a breach of a commercial lease . . . Continue reading Governor’s Covid Tolling Orders Did Not Affect Time to Cure Breach of Commercial Lease
Letter of Intent Not A Binding Agreement
On February 7, 2023, Justice Cohen of the New York County Commercial Division issued a decision in Banner Ridge Secondary Master Fund Ill, L.P. v. Newbury Equity Partners V L.P., 2023 NY Slip Op. 30392(U), holding that a letter of intent was not a binding agreement . . . Continue reading Letter of Intent Not A Binding Agreement
Certificateholder Cannot Sue a Third-Party Without Complying with the No-Action Clause, Even When the Trustee Consents
On March 2, 2023, the First Department issued a decision in Freedom Trust 2011-2 v. DB Structured Prods., Inc., 2023 NY Slip Op. 01136, holding that a certificateholder cannot sue a third-party without complying with the no-action clause, even when the trustee consents . . Continue reading Certificateholder Cannot Sue a Third-Party Without Complying with the No-Action Clause, Even When the Trustee Consents