On August 7, 2018, Justice Sherwood of the New York County Commercial Division issued a decision in U.S. Educational Loan Trust IV, LLC v. Bank of N.Y. Mellon, 2018 NY Slip Op. 31924(U), upholding a claim for breach of the duty of good care against a trustee, explaining: With respect to plaintiffs’ duty of care… Read more »
Blogs
Posts Categorized: Contracts
Article 77 Proceeding Excludes Beneficiaries of Trusts That Hold Interests in Trusts That are the Subject of the Proceeding
On August 7, 2018, Justice Friedman of the New York County Commercial Division issued a decision in Matter of Wells Fargo Bank, N.A., 2018 NY Slip Op. 31883(U), holding that beneficiaries of trusts that held interests in trusts that were the subject of an Article 77 proceeding did not have standing to appear in the… Read more »
Fraud Claim Dismissed as Duplicative of Contract Claim: No Separate Damages Alleged
On August 6, 2018, Justice Masley of the New York County Commercial Division issued a decision in TJ PRP LLC v. Rag & Bone Holdings LLC, 2018 NY Slip Op. 31880(U), dismissing a fraud claim as duplicative of a contract claim, explaining: A fraud claim that arises from the same facts as an accompanying contract… Read more »
Court Reviews Law Governing Contract Interpretation on Summary Judgment
On August 6, 2018, Justice Schecter of the New York County Commercial Division issued a decision in Cast Iron Co., LLC v. Cast Iron Corp., 2018 NY Slip Op. 31881(U), discussing contract interpretation on a summary judgment motion: Contracts are construed in accord with the parties’ intent, the best evidence of which is the language… Read more »
Alleged Incompetent Project Management Does Not Excuse Enforcement of No Damages for Delay Clause
On August 2, 2018, Justice Friedman of the New York County Commercial Division issued a decision in Primiano Electric Co. v. HTS-NY, LLC, 2018 NY Slip Op. 31859(U), holding that alleged incompetent project management does not excuse enforcement of a construction contract’s no damages for delay clause, explaining: As held by the Court of Appeals,… Read more »
Court Rejects Impossibility Defense Based on Change in Taxi Medallion Market
On July 30, 2018, Justice Sherwood of the New York County Commercial Division issued a decision in Capital One Equip. v. Deus, 2018 NY Slip Op 31819(U), rejecting an impossibility defense to a breach of contract claim based on a change in the market for taxi medallions, explaining: Defendants rely on Restatement (First) of Contracts… Read more »
Provision Requiring Exercise of Reasonable Discretion Precludes Acting Arbitrarily, Irrationally, or Without Reasonable Basis
On July 18, 2018, the Second Department issued a decision in Grandfeld II, LLC v. Kohl’s Department Stores, Inc., 2018 NY Slip Op. 05289, holding that a contract provision requiring a party to use reasonable discretion prevented that party from acting arbitrarily, irrationally, or without a reasonable basis, explaining: When parties set down their agreement… Read more »
No Waiver Clause Precludes Claim of Waiver Based on Prior Course of Conduct
On July 12, 2018, Justice Ostrager of the New York County Commercial Division issued a decision in MacArthur Properties I, LLC v. Galbraith, 2018 NY Slip Op. 31612(U), holding that a no waiver clause precludes a claim of waiver based on prior course of conduct, explaining: Wholly without merit is plaintiff’s claim that the Condominium… Read more »
Questions of Fact Regarding Reasonableness of Calculations Under ISDA Master Agreement Preclude Summary Judgment
On July 2, 2018, Justice Friedman of the New York County Commercial Division issued a decision in Lehman Bros. Intl. (Europe) v. AG Financial Products, Inc., 2018 NY Slip Op. 51100(U), holding that questions of fact regarding the reasonableness of calculations under an ISDA master agreement precluded summary judgment, explaining: In general, it is well… Read more »
Integration Clause Bars Contract Claim Based on Alleged Oral Modification of Mortgage Documents
On June 26, 2018, Justice Scarpulla of the New York County Commercial Division issued a decision in Israel v. Signature Bank, 2018 NY Slip Op. 31370(U), holding that an integration clause barred a breach of contract claim based on an alleged oral modification to a term sheet, explaining: Here, MSI’s claim for breach of contract… Read more »