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Saving Agreements with Defective or Missing Temporary Maintenance Recitals
New York's interim maintenance statute (2010 N.Y. Laws Ch. 371, ' 1, codified at Domestic Relations Law (DRL) ' 236, Part B, subd. 5-a.), which the Legislature enacted in 2010, has been widely criticized as overly formulaic ' and, because it requires judges to consider many factors in each decision, unduly cumbersome. See, e.g., Joel Stashenko, Maintenance Bill's Formulaic Approach Drew Opposition, NY Law Journal, July 7, 2014 (quoting members of the bench and bar, though some defend the use of formulas); Lee Rosenberg, Multiple Flaws Abound in New Interim Spousal Support Statute, NY Law Journal, Feb. 25, 2011.
Less discussed, but also potentially troubling, are the requirements that the statute imposes on agreements. Those regarding temporary maintenance, to be enforceable, must include a calculation of what would have been the level of temporary maintenance under the formula; a recitation that said “presumptive award” is “correct”; and, if the parties agreed to some other amount, a recitation of the reasons why. DRL ' 236B subd. 5-a(f). Those requirements should be familiar to the matrimonial bar, as the Legislature took them almost verbatim from the requirements for agreements about child support. Compare id . with ' 240 subd. 1-b(h). The Child Support Standards Act inserted identical recital requirements in that paragraph and in Family Court Act ' 413 subd. 1(h). For simplicity, this article cites only to the DRL.
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.
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.
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?
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.