On March 6, 2024, the Second Department issued a decision in Alleon Capital Partners v. Choudhry, 2024 NY Slip Op. 01165, holding that the usury law did not apply to a loan with a principal amount over $2.5 million . . . Continue reading Usury Law Not Applied to Loan with Over $2.5 Million Principal Amount
On March 6, 2024, the Second Department issued a decision in Paraco Gas Corp. v. Jay Z. Gerlitz & Assoc., Inc., 2024 NY Slip Op. 01192, holding that an agreement to manage a company’s healthcare matters created a fiduciary duty . . . Continue reading Agreement to Manage a Company’s Healthcare Matters Created a Fiduciary Duty
On March 5, 2024, the First Department issued a decision in NCCMI, Inc. v. Bersin Props., LLC, 2024 NY Slip Op. 01161, holding that a court may reform a contract even though the statute of limitations for a reformation claim has run .. . . Continue reading Court May Reform Contract Even Though the Statute of Limitations for a Reformation Claim Has Run
On March 5, 2024, the First Department issued a decision in Marjan Intl. Corp. v. Lillian Aug. Designs, Inc., 2024 NY Slip Op. 01160, enforcing a waiver of the right to contest that a guaranty was not an instrument for the payment of money for the purposes of CPLR 3213 . . . Continue reading Waiver of Right to Contest that a Guaranty Was For CPLR 3213 Purposes Enforcable
On March 7, 2024, the First Department issued a decision in Citigroup Global Mkts. Inc. v. SCIP Capital Mgt., LLC, 2024 NY Slip Op. 01249, holding that the plaintiff was not entitled to consequential damages because such damages were not contemplated by the parties when the contract was made . . . Continue reading Plaintiff Not Entitled to Consequential Damages Because Such Damages Were not Contemplated by the Parties When the Contract was Made
On February 23, 2024, Justice Ruchelsman of the Kings County Commercial Division issued a decision in Shouela v. Shouela, 2024 NY Slip Op. 30572(U), refusing a delayed request to vacate a stipulation . . . Continue reading Court Refuses Delayed Request to Vacate a Stipulation
On February 26, 2024, Justice Masley of the New York County Commercial Division issued a decision in ERI/SNL 2015 Holdings LLC v. SNL Dev. Group LLC, 2024 NY Slip Op. 30604(U), holding that assets to be enjoined must be the subject of the lawsuit . . . Continue reading Assets to be Enjoined Must be Subject of Lawsuit
Two new judges have been assigned to the New York County Commercial Division: Hon. Anar Rathod Patel is now assigned to Part 45 and will assume a new inventory of Continue reading Two New Judges Assigned to the New York County Commercial Division
On February 28, 2024, the Second Department issued a decision in Christiana Trust v. Victor, 2024 NY Slip Op. 00994, holding that the service of an answer waived a defendant’s entitlement to dismissal for failure to prosecute . . . Continue reading Service of Answer Waived Entitlement to Dismissal for Failure to Prosecute
On February 28, 2024, the Second Department issued a decision in Contract Pharmacal Corp. v. Air Indus. Group, 2024 NY Slip Op. 00995, holding that a plaintiff cannot sue for both contract damages and anticipatory breach . . . Continue reading Plaintiff Cannot Sue for Both Contract Damages and Anticipatory Breach
