New York's Guaranty Law Continues to Divide Opinion
April 01, 2024
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
April 01, 2024
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
April 01, 2024
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.
Landlord & Tenant Law
April 01, 2024
Partial Constructive Eviction Defense Recognized
Condition Precedent to Sub-Sublease Not Satisfied
Guaranty Law Does Not Bar Liquidated Damages Claim
Penalty for Improper Conversion of Residential Building
Force Majeure Clause Reduces Pandemic-Era Rent
Sui Generis: Draft Like You Mean It
March 01, 2024
The automatic acceptance of various boilerplate clauses in commercial leases in the face of jurisprudential modernity and evolving legal approaches is dangerous. The evolutionary exploits of a commercial lease aren't done yet, nor should they be.
NYC Guarantor Liability for Post-Window-Period Rent
March 01, 2024
In Tamar Equities Corp. v. Signature Barbershop 33 Inc., the Appellate Division analyzed whether the Guaranty Law bars recovery from a guarantor where a commercial tenant's default initially arose during the Guaranty Law's window period, but persisted after its expiration.
