News & Analysis as of

Breach of Contract Default

Shipman & Goodwin LLP

A Borrower Defaulted: Now What? Your Critical First Steps

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When a borrower defaults under a loan agreement, you face a dual challenge: time pressure demands swift action, while legal complexities require precision. Whether confronting missed payments, breached financial covenants, or...more

Awatif Mohammad Shoqi Advocates & Legal...

What legal actions can the bank take if the customer defaults on a loan in the UAE?

Defaulting on a bank loan in the UAE is regulated by the Commercial Code (federal decree-law No. (50) of 2022) and the Civil Procedure Law (federal decree-law No. (42) of 2022). Further, the Central Bank of UAE issued Loan...more

Holland & Knight LLP

Surrender Condition: Your Lease May Lack a Key Automatic Default Provision

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For commercial landlords, ensuring that tenants return the leased premises in the agreed-upon condition is crucial to protecting their property and income. One effective way to enforce this is by making a tenant's failure to...more

Smith Debnam Narron Drake Saintsing & Myers,...

Understanding the Basics of a Construction Contract

Construction contracts are essential in the construction industry, governing the relationships and responsibilities of all parties involved in a project. Whether you’re a contractor, subcontractor, or property owner,...more

Freiberger Haber LLP

Personal Jurisdiction and the Vacatur of Defaults

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By Jonathan H. Freiberger There are two “components and constitutional predicates of personal jurisdiction.”  Keane v. Kamin, 94 N.Y.2d 263, 265 (1999). “One component involves service of process, which implicates due process...more

Stark & Stark

Commercial Foreclosures in Pennsylvania: How Deal Formation Impacts Litigation

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The fact that commercial transactions can very easily become complex is not a novel statement. When financial institutions lend money to commercial entities, the basic documentation required to evidence the loan, promise to...more

Bradley Arant Boult Cummings LLP

Breach vs. Default — What’s the difference?

The words breach and default are often used interchangeably to indicate that somebody hasn’t done what they were legally required to do. According to Black’s Law Dictionary, the words do appear somewhat interchangeable. ...more

Freiberger Haber LLP

Pleading Reasonable Reliance Is “Always Nettlesome”

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By: Jeffrey M. Haber In TD Bank, N.A. v. Keenan, 2023 N.Y. Slip Op. 06158 (2d Dept. Nov. 29, 2023) (here), the Appellate Division, Second Department examined the often “nettlesome” question of whether a plaintiff claiming...more

Lathrop GPM

Michigan Federal Court Grants Summary Judgment Enforcing Franchise Agreement Termination and Awarding Liquidated Damages and...

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A federal court in Michigan granted Little Caesar Pizza Enterprises, Inc.’s motion for summary judgment seeking to enforce its termination of the franchise agreements between it and franchisee S&S Pizza Enterprises, Inc....more

Blank Rome LLP

Leases - November 2022

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CASE LAW DEVELOPMENTS - This survey covers several 2021 cases involving disputes among parties to equipment leases or other personal property financings and cases involving third parties claiming to have related rights or...more

Wiley Rein LLP

Notice-Prejudice Rule Inapplicable Where Insured Fails to Provide Any Notice Under Claims-Made Policies

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The United States District Court for the District of Colorado, applying Colorado law, has held that the notice-prejudice rule does not apply to claims-made liability policies where an insured did not merely provide late...more

Cadwalader, Wickersham & Taft LLP

Further Developments in Mezzanine Foreclosures

The New York State Supreme Court, New York County Commercial Division (the “Court”) decided in U.S. Bank, N.A. v. 342 Property LLC, on February 14, 2022, that a mezzanine lender that is not a party to loan documents that...more

Sands Anderson PC

Three Contract Tips to Safeguard Your Business from Another’s Default

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The beginning of a new partnership between companies is often a time of excitement. Like any new relationship, expectations for the future are promising and it is easy to see the best in your partner....more

Farrell Fritz, P.C.

Oral Modifications to Written Agreements? Better Get Them in Writing Says the Commercial Division

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In Castle Restoration & Constr., Inc. v Castle Restoration, LLC, Suffolk County Commercial Division Justice Elizabeth H. Emerson refused to enforce an oral agreement that allegedly modified a prior written agreement between...more

A&O Shearman

The ABCs of default

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In ABC v Network Rail, the Court of Appeal confirmed that “default” simply means a failure to comply with contractual obligations where the context does not call for an alternative construction....more

Barnea Jaffa Lande & Co.

COVID-19 does not justify breach or deviation of a contract When Its Arrival in Israel Was Foreseeable

An Israeli court recently rendered an interesting ruling on the impact of COVID-19. The case is question involved the lease agreement for the operation of a hotel. The lease agreement, executed in February 2020, provided...more

Mayer Brown

Seventh Circuit Agrees With Mayer Brown Amicus Brief That $3 Million Punitive Damages Award Was Unconstitutionally Excessive

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Last summer, my colleague C.J. Summers and I posted a report about Saccameno v. U.S. Bank National Association, a Seventh Circuit case in which we had filed an amicus brief on behalf of the Chamber of Commerce of the United...more

BCLP

Indonesia in Focus - February 2020

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Constitutional Court Accepts Judicial Review of Fiducia Security Law - Following the judicial review of Article 15(2) and Article 15(3) of Law No. 42 of 1999 on Fiducia Security (the “Fiducia Law”), the Constitutional...more

Farrell Fritz, P.C.

A Case of LLC Withdrawal Symptoms

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I was especially drawn to the case I’m about to introduce involving LLC member withdrawal, owing to the Jacobs v Cartalemi case that I litigated to a successful conclusion about two years ago, also involving member...more

BCLP

Securities and Corporate Governance Update – October 2019

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This newsletter discusses noteworthy updates, key regulatory decisions and upcoming compliance reminders. In this edition, we review: ...SEC Changes Approach to Shareholder Proposal No-Action Requests ...SEC Issues...more

White & Case LLP

Sanctioned default? The English High Court considers the effect of foreign illegality on English obligations

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As sanctions ramp up globally, it is increasingly important for commercial parties engaged in cross border transactions to have certainty (i) as promisees (e.g. lenders) as to when their counterparties may legitimately avoid...more

Bilzin Sumberg

Eleventh Circuit Holds that a Guarantor Lacks Standing Under the Equal Credit Opportunity Act

Bilzin Sumberg on

Late last month, the U.S. Court of Appeals for the Eleventh Circuit held in Regions Bank v. Legal Outsource PA, No. 17-11736, 2019 WL 4051703 (11th Cir. Aug 28, 2019), that a loan guarantor does not qualify as an “applicant”...more

Mayer Brown

Mayer Brown Submits Amicus Brief For Chamber Of Commerce In Seventh Circuit Appeal Involving Proper Application Of Punitive...

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Although the Supreme Court identified three guideposts for evaluating whether a punitive award is unconstitutionally excessive 23 years ago in BMW v. Gore and refined those guideposts 16 years ago in State Farm v. Campbell,...more

Farrell Fritz, P.C.

If you don’t use it, you lose it – don’t risk losing your right to terminate a contract by failing to timely notify your...

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In a recent decision in Inferno Restaurant & Pizzeria, Inc. v SW Michaels Pizzeria, Inc., 2019 NY Slip Op 50995(U) (June 13, 2019), the Supreme Court, Albany County, found that where a defendant knew of a plaintiff’s material...more

Carlton Fields

Contract Claims Dismissed Against Reinsurers and Reinsurance Service Providers, but Negligence Claim Against Service Providers...

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Vantage, the plaintiff, had purchased insurance from Assured Risk Transfer (ART) against the risk that a company to which Vantage had loaned $22 million would default....more

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