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Can a foreclosing plaintiff choose whom to name as a party defendant in a foreclosure action? In New York, in the absence of prejudice to the defaulting property owner, the answer is yes. Although a recent holding of New York’s Appellate Division, Second Department, tacitly suggests “no,” the case may not have addressed the actual controlling principles.
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By Erich N. Durlacher
With the recent economic turbulence and pessimism, prudent lenders should be bracing themselves for the coming storm by adopting a five-point “CAPER” strategy: Communicate, Analyze, Preserve, Execute, and Resolve.
By Peter E. Fisch and Salvatore Gogliormella
Specific performance is an important remedy in real estate transactions, however, it is disfavored by the courts and under certain circumstances (particularly in the case of sale-leasebacks), a specific performance clause, even if properly drafted, may not be enforced by the courts.
By Paul A. Rubin and Hanh V. Huynh
A recent decision in a Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Southern District of New York highlights the significant impact that a 2019 amendment to the New York Real Property and Procedures Law will have on future disputes in bankruptcy cases where the tenant files for bankruptcy after the issuance of a warrant of eviction but before its execution.
By Aaron L. Pawlitz
This article provides an overview of the most commonly-accepted purposes of an RWI policy and an overview of the RWI policy underwriting process.