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Does a Matrimonial Action Abate Upon the Death of a Party?
As a general rule, the death of one party during the pendency of a divorce action causes the action to abate because the martial relationship between the parties sought to be dissolved no longer exists. See Cornell v. Cornell, 7 NY2d 164, (N.Y. 1959), motion to amend remittitur granted, 7 NY2d 987 (N.Y. 1960). The rationale for this rule is that the cause of action for a divorce is personal to a party. See Peterson v. Goldberg, 180 AD2d 260 (2nd Dept. 1992).
Once an action abates by reason of death, in general, the court will be divested of jurisdiction to determine any claims for ancillary financial relief, such as those for equitable distribution, support and counsel fees. As a consequence, the abatement of a divorce action may have severe financial consequences for the surviving spouse, or may lead to a windfall, depending on the circumstances. Therefore, on occasion, where the financial stakes are high between the surviving spouse and the decedent's estate, the issue of whether an action has abated as a matter of law has been litigated.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Supreme Court Rules Rejection of Trademark License Does Not Rescind Rights of Licensee
Mission Product Holdings, Inc. v. Tempnology, LLC The question is whether a debtor's rejection of its agreement granting a license "terminates rights of the licensee that would survive the licensor's breach under applicable nonbankruptcy law."