Follow Us
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
In a set of foreclosure cases decided in late February, the Court of Appeals resolved some of the questions that have plagued New York’s court system in the aftermath of last decade’s mortgage crisis. When borrowers defaulted on their mortgage loans, immediate foreclosure was not always the best option for mortgagee banks, especially in what was, for a number of years, a weak housing market. Suppose, however, the bank delayed in bringing a foreclosure action. When would the statute of limitations bar a foreclosure action or an action on the underlying mortgage debt, leaving the defaulting mortgagor with title free and clear of the mortgage? In the last few years, hardly a week has gone by without a case involving the application of the statute of limitations to defaulted mortgages. In Freedom Mortgage Corp. v. Engel and its companion cases, the Court of Appeals provided a road map for resolution of these cases.
Continue reading by getting
started with a subscription.
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.
Copyright © ALM Global, LLC. All Rights Reserved.
