- Posted: December 1, 2021 / Commercial Division Blog
Former Minority Shareholders Barred from Suing Where They Unknowingly Signed Release on the Eve of Profitable Asset Sale
On October 5, 2021, the First Department issued a decision in Silver Point Capital Fund, L.P. v. Riviera Resources, Inc., 2021 NY Slip Op 05312, unanimously affirming Justice Borrok’s decision granting defendant’s motion to dismiss the amended complaint. The Court rejected the claim of former minority shareholders of defendant that defendant fraudulently induced them to sell it all of their shares in the corporation just three weeks before it announced an asset sale of its most valuable properties, after which sale prices soared and defendant made a substantial distribution to shareholders. Read More
- Posted: November 22, 2021 / Commercial Division Blog
Summary Judgment on Breach of Contract Claim Not Appropriate Where Contract is Ambiguous
On October 1, 2021, the Fourth Department issued a decision in Dunn Auto Parts, Inc. v Wells, 2021 NY Slip Op 05185 holding that where a contract’s terms are ambiguous, it is not proper for the court to grant summary judgment because only a finder of fact can determine the intent of the parties. Read More
- Posted: November 19, 2021 / Commercial Division Blog
Unchallenged, Independent Alternative Ground for Affirmance Moots Appeal
On September 29, 2021, the Second Department issued a decision in Dorce v. Family Dollar Stores of N.Y., Inc., 197 A.D.3d 1289, dismissing an appeal as academic when an unchallenged, independent alternative ground for affirmance existed, explaining: Read More
- Posted: November 18, 2021 / Commercial Division Blog
Ruling Dismissing Individual Liability Under Lien Law Reversed Where Complaint Alleged Defendants Diverted Funds
On August 26, 2021, the Fourth Department issued a decision in Kulback's Inc. v Buffalo State Ventures, LLC, 2021 NY Slip Op 04813, holding that it was not proper to dismiss causes of action seeking to hold individuals acting as trustees under a trust for a commercial construction project governed by the Lien Law personally liable where the complaint alleged that the individual defendants expended and diverted trust funds. Read More
- Posted: November 17, 2021 / Commercial Division Blog
Notice Required By C.P.L.R. 3215(g)(1) Limited to Applications for Entry of Default Judgment
On September 22, 2021, the Second Department issued a decision in 21st Mortgage Corp. v. Raghu, 197 A.D.3d 1212, holding that the notice required by C.P.L.R. 3215(g)(1) applies only to an application for entry of a default judgment and does not apply to a motion to confirm a referee's report and for judgment of foreclosure and sale. Read More
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