In our article in the October 2022 issue, we discussed NYC Administrative Code §22-1005 (the Guaranty Law), which, under certain conditions, canceled the obligations of guarantors of commercial leases. This article discusses the recent developments surrounding the constitutionality of the statute.
New York's Guaranty Law Continues to Divide Opinion
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.
By
Matthew J. Schenker and Joshua Kopelowitz
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