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Last May, the Court of Appeals handed down a 4-3 decision in 159 MP Corp. v Redbridge Bedford, 33 N.Y.3d 353 (2019). The facts and opposing opinions were faithfully reported at length in many publications [including this one, as well as] the New York Law Journal’s June 18, 2019 Court of Appeals Roundup column by William T. Russell Jr. and Lynn K. Neuner. I have concluded, however, that further comment and analysis is warranted on the three-judge dissent, which, if adopted by the majority, would have fundamentally altered the very foundation of New York contract law. The court has, for many decades, consistently adhered to interpretive approaches focused on enforcing the contracting parties’ intent, as revealed in the plain language set forth within the four corners of an agreement. In sharp contrast, the dissent advanced a novel, policy-based means of adjudicating contract disputes that would put an end to the predictability and stability that have become hallmarks of New York contract law, and the reasons why contracting parties have so often specified application of New York law in their agreements.
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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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