On November 21, 2018, the Second Department issued an opinion in IndyMac Bank, FSB v. Izzo, 2018 NY Slip Op. 08014, holding that an IAS court erred in vacating an order discontinuing a foreclosure action, explaining: In March 2008, the plaintiff commenced this action to foreclose a mortgage given by the defendants Teresa E. Izzo,… Read more »
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Commercial Division Blog
Posts Categorized: Commercial
Plaintiff Without Interest in Land Cannot File Lis Pendens
On October 30, 2018, Justice Hudson of the Suffolk County Commercial Division issued a decision in Matter of 55 Wainscott Hollow, LLC v. Planning Bd. of the Town of E. Hampton, 2018 NY Slip Op. 32873(U), holding that a plaintiff without an interest in property cannot file a lis pendens relating to that property, explaining:… Read more »
Parties That Signed Agreement on Behalf of Non-Existent Entities Personally Bound By Contract
On October 30, 2018, Justice Hudson of the Suffolk County Commercial Division issued a decision in Olympus Am. Inc. v. Greene House Surgicare, 2018 NY Slip Op. 32874(U), holding that parties who signed an agreement on behalf of non-existent entities were personally bound by the agreement, explaining: Under well-established agency law, a contract between individuals… Read more »
Contractor Working for Tenant Allowed to Place a Lien on Landlord’s Property
On November 20, 2018, the Court of Appeals issued a decision in Ferrara v. Peaches Cafe LLC, 2018 NY Slip Op. 07925, allowing a contractor working for a tenant to place a lien on the landlord’s property, explaining: COR urges that the Appellate Division erred because, as a matter of law, a contractor working for… Read more »
Plaintiff Should Have Been Granted Yellowstone Injunction
On November 20, 2018, the First Department issued a decision in 106 Spring St. Owner LLC v. Workspace, Inc., 2018 NY Slip Op. 07951, holding that a plaintiff should have been granted a Yellowstone Injunction, explaining: Plaintiff met all four of the required elements for a Yellowstone injunction, whose purpose is to toll the cure… Read more »
Court Finds Pooling and Servicing Agreement to be Ambiguous, Orders Discovery
On November 9, 2018, Justice Bransten of the New York County Commercial Division issued a decision in Matter of U.S. Bank N.A., 2018 NY Slip Op. 32875(U), holding that a pooling and servicing agreement was ambiguous and ordering discovery, explaining: Under New York law, written agreements are construed in accordance with the parties’ intent and… Read more »
Allegations of Duress Insufficient to Overcome Voluntary Payment Doctrine
On November 15, 2018, the First Department issued a decision in Beltway 7 & Props., Ltd. v. Blackrock Realty Advisers, Inc., 2018 NY Slip Op. 07844, holding that allegations of duress were insufficient to overcome the voluntary payment doctrine, explaining: In seeking to avoid application of the voluntary payment doctrine, plaintiff first contends on appeal… Read more »
General Release Bars Claim Relating to Settled Claims
On November 7, 2018, Justice Ostrager of the New York County Commercial Division issued a decision in Lam Pearl St. Hotel LLC v. Golden Pearl Constr. LLC, 2018 NY Slip Op. 32852(U), holding that a general release barred a claim regarding settled claims, explaining: GPC argues that the implied covenant of good faith and fair dealing cannot… Read more »
Valuation Prepared as Part of Joint Venture’s Break Up Not Privileged
On November 9, 2018, Justice Schecter of the New York County Commercial Division issued a decision in Noven Pharms., Inc. v. Novartis Pharms. Corp., 2018 NY Slip Op. 32851(U), holding that a valuation prepared as part of a joint venture’s break up was not privileged, explaining: Novartis has the burden of establishing that the valuation report… Read more »
City Department of Finance Not Entitled to Two Percent Payment Fee On Abandoned Funds Transferred to Comptroller
On October 25, 2018, Justice Ramos of the New York County Commercial Division issued a decision in Swezey v. Lynch, 2018 NY Slip Op. 32810(U), holding that the City Department of Finance was not entitled to a two percent fee on abandoned funds transferred to the City Comptroller, explaining: The DOF is the custodian of court-deposited… Read more »