In the typical commercial lease transaction, a guarantor promises to pay rent and fulfill other contractual obligations on behalf of the tenant (particularly when the tenant is a foreign actor or single-purpose entity with limited assets).
New York's Seldom Used Expedited Money Judgment Mechanism: CPLR 3213
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.
By
Massimo F. D'Angelo and Gregory Wong
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