Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Guaranty Law Invalidated
In March 2020, as New York City became the epicenter of the COVID-19 pandemic, Governor Andrew Cuomo issued a number of executive orders, some of which required non-essential businesses to close their doors. As a consequence, many commercial businesses began defaulting on rent payments or attempting to terminate their leases altogether, to potentially catastrophic effect for landlords, who rely on rent payments to cover expenses (e.g., taxes and debt service).
In May 2020, the New York City Council enacted several local laws to combat the economic impact of the pandemic on struggling small businesses. Among the laws passed in this legislative relief package were amendments to the Commercial Harassment Law (Local Law No. 53 of 2020) and to the Residential Harassment Law (Local Law No. 56 of 2020), and the "Guaranty Law" (Local Law No. 55 of 2020). While facially implemented to protect struggling commercial tenants and small businesses, the practical effect of these laws was to shift the economic burden of the pandemic almost exclusively to landlords, who were now precluded from enforcing certain negotiated personal guaranties contained in their lease agreements. Compounding that restriction, the amendments to the Harassment Laws stoked apprehension with respect to the consequences of demanding rent payments directly from tenants.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
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?
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.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
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.