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Uniform Commercial Code (UCC) Governor Cuomo

Pillsbury Winthrop Shaw Pittman LLP

Distressed Real Estate During COVID-19: Court Finds UCC Foreclosure “Commercially Unreasonable” Because of Coronavirus-Related...

A recent court decision in New York found that current market conditions in the real estate market justify delaying noticing mezzanine real estate foreclosures until October 15, 2020. A recent New York Supreme Court Order...more

Morrison & Foerster LLP

Courts: A Foreclosure Pandemic Pause? (Part 2)

As borrowers continue to experience financial distress and loans go into default as a result of the ongoing coronavirus pandemic and related issues, lenders are now becoming more focused on the need to take a closer look at...more

Moritt Hock & Hamroff LLP

Will Courts Allow Lease Cancellation In The Wake Of Covid-19?

Moritt Hock & Hamroff has been following the impact of the COVID-19 pandemic on creditors’ rights. On May 21, 2020, we reported on the pandemic’s impact on Uniform Commercial Code (“UCC”) Article 9 sales — specifically,...more

Troutman Pepper

NY Court Blocks Mezzanine Lender’s UCC Foreclosure Sale in Light of COVID-19 Pandemic

Troutman Pepper on

On June 23, the New York County Supreme Court issued a rare preliminary injunction temporarily halting a mezzanine lender’s UCC foreclosure sale of the Mark Hotel in New York City because the procedures for the foreclosure...more

Moritt Hock & Hamroff LLP

Lender Stayed From Proceeding With UCC Article 9 Sale

Moritt Hock & Hamroff recently reported on the impact of the COVID-19 pandemic on Uniform Commercial Code (“UCC”) Article 9 sales. Now, a second significant decision on this issue has been published. While our last alert...more

Moritt Hock & Hamroff LLP

UCC Sales Held Not Subject To Cuomo Executive Order Barring Mortgage Foreclosures

A recent New York State Supreme Court judge has answered the question of whether Governor Andrew Cuomo’s Executive Order 202.8 precluding mortgage foreclosures for ninety (90) days, applies to Uniform Commercial Code (“UCC”)...more

White and Williams LLP

What’s the Standard for “Commercially Reasonable” in a Commercially Unreasonable World (Health Crisis)? Part II

White and Williams LLP on

Yesterday, in a turn of events that struck a hopeful chord for mezzanine lenders, New York County Supreme Court Judge Frank P. Nervo vacated his April 30, 2020 order which temporarily halted the sale of mezzanine loan...more

Dechert LLP

Mezzanine Foreclosure in the Time of Coronavirus: The Final Chapter

Dechert LLP on

A decision yesterday by the New York Supreme Court has paved the way for mezzanine lenders to proceed with UCC foreclosure sales in New York City during the pandemic. Yesterday afternoon, Justice Frank Nervo issued an order...more

Dechert LLP

Mezzanine Foreclosures in the Time of Coronavirus: Chapter 2

Dechert LLP on

As a follow up to our OnPoint from last week, Mezzanine Foreclosures in the Time of Coronavirus, regarding a New York County Supreme Court’s halting of a mezzanine UCC foreclosure sale, here is our promised update. ...more

Morgan Lewis

2014 Changes to the New York Uniform Commercial Code

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The changes provide modernization but with some nonuniform provisions. On December 17, 2014, New York Governor Andrew Cuomo signed into law New York Assembly Bill 9933, which amends the Uniform Commercial Code (the...more

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