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In September 2016, a national title company invoked the Perishable Agricultural Commodities Act (PACA) when it raised an exception on a title commitment for the sale of real property upon which a grocery store was a tenant. The title company cited a 2013 New York state trial court case, in which the court recognized a PACA claimant as having a lien on a property, superior to the mortgagee’s lien, with respect to certain payments made on the mortgage. The title company asked the owner to execute an affidavit and indemnity in the title company’s favor with regard to any PACA liens incurred by the tenant. This new exception has elicited a fair amount of confusion as to why an 86-year-old statute would suddenly present a cloud on title.
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Sui Generis: Negotiate Like You Mean It
By Lydia Pilch
As further follow-up regarding tracking of the lifecycle of a commercial lease, Part Two of this series addresses various negotiation events, strategies, desired outcomes and potentially low key disasters.
New York’s Guaranty Law Continues to Divide Opinion
By Matthew J. Schenker and Joshua Kopelowitz
This article discusses the recent developments surrounding the constitutionality of New York's Guaranty Law. In particular, we address the Southern District’s view that the statute is unconstitutional and the splintered view of the statute’s constitutionality expressed by New York State courts.
Don’t Get Caught Holding a Conditional Loan Approval at Closing
By Matthew Kramer
With rising interest rates and more stringent lending standards for both residential and commercial properties, security deposit disputes caused by buyers’ inability to satisfy pre-closing purchase-financing conditions are also increasing.
New York’s Seldom Used Expedited Money Judgment Mechanism: CPLR 3213
By Massimo F. D’Angelo and Gregory Wong
In New York state and local court cases, there is a seldom-used procedural mechanism for obtaining an expedited money judgment against a guarantor. This article provides an overview of CPLR 3213 motions, an update on the resolution of the split that previously existed between the New York State Supreme Court, Appellate Division, First and Second Departments, and practical guidance for transactional counsel drafting commercial leases and guaranties.
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