- Posted: September 15, 2023 / Commercial Division Blog
Court Concludes That Plaintiff Alleged Willful Misconduct
In an Opinion, dated June 26, 2023, in Manhattan Chrystie St. Dev. Fund LLC v. Witkoff Group LLC, 2023 NY Slip Op 50622(U), Justice Robert Reed denied Defendants’ motions to dismiss a breach of guaranty claim. Plaintiff brought a claim for breach of a guaranty that assured Plaintiff payment and performance of certain obligations in the event of ‘willful misconduct’ by the managing member of a joint venture. The Court explained: Read More
- Posted: September 13, 2023 / Commercial Division Blog
Court Finds Plaintiff Has Stated Claim To Pierce The Corporate Veil
In an Opinion dated June 29, 2023, in Emigrant Bus. Credit Corp. v. Hanratty, 2023 NY Slip Op 32156(U), Justice Margaret Chan denied Defendant’s motion to dismiss a corporate veil piercing claim. The Court explained: Read More
- Posted: September 11, 2023 / Commercial Division Blog
Court Grants Motion to Dismiss Because Notice Of Non-Monetary Default Not Required
In a Decision and Order, dated June 14, 2023, in 10 Mountainview LLC v. RREF IV-D SN Portfolio, LLC, 2023 NY Slip Op 32034(U), Justice Melissa A. Crane granted Defendant’s motion to dismiss Plaintiff’s breach of contract action based on the claimed failure by Defendant to provide notice of a non-monetary default. Plaintiff and Defendant both loaned money to a non-party borrower, and agreed that Defendant’s loan would be senior. An event of default occurred in 2020, but Defendant did not give notice, and gave notice only when it intended to accelerate its loan. Plaintiff, who had a purchase option, attempted to exercise that option and received a pay-off letter including default interest going back to the date of the earliest default. Plaintiff claimed it was aggrieved because it could have cured the default years earlier and avoided the default interest. The Court explained: Read More
- Posted: September 1, 2023 / Commercial Division Blog
Court Compels Deposition of Individual with Unique Personal Knowledge of Critical Factual Issues
On July 3, 2023, Justice Andrew Borrok of the New York County Commercial Division issued a decision in Apotex Corp. v. Hospira Healthcare India Private Ltd., 2023 N.Y. Misc. LEXIS 3340, granting defendants’ motion to compel the plaintiff to produce a specific individual for a deposition. The Court had previously denied a motion seeking the same relief without prejudice as premature. The Court now determined that the defendants had sufficiently shown that the individual possessed unique personal knowledge that other deponents and discovery had not been able to provide, explaining: Read More
- Posted: August 30, 2023 / Commercial Division Blog
Court Denies Motion to Dismiss on Statute of Limitations Grounds
On June 30, 2023, Justice Margaret Chan of the New York County Commercial Division issued a decision in Murphy v. PHG Funding LLC, 2023 N.Y. Misc. LEXIS 3327, denying the defendants’ motion to dismiss on statute of limitations grounds. Specifically, the Court rejected the defendants’ argument that the three-year statute of limitations found in the recently enacted Consumer Credit Fairness Act (“CCFA”) applied, holding that because the action was brought before the passing of the CCFA and there was no showing that the New York legislature intended the CCFA to apply retroactively, the standard six-year statute of limitations for a breach of contract action applied. The Court explained: Read More
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