By: Rosemary Liuzzo Important amendments to the New York Uniform Commercial Code (UCC) were enacted as of December 17, 2014. The amendments specifically amended Articles 1, 7 and 9. As attorneys for major lenders we are particularly concerned with amendments made to Article 9 §9-503 (a)(4), “Sufficiency of debtor’s name.” The new law, which is Full Article…
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Defining the Limits Of Liquidated Damages Clauses
By: Adam Leitman Bailey & Dov Treiman December 31st, 2014 Real estate leases are, by their nature, bets the parties are placing on what the future may hold. Both landlord interests and tenant interests try to hedge their bets by inserting clauses to produce certain results in the event of an uncertain future. Chief among Full Article…
New Sprinkler-Notification Law Could Require Reissuing Proprietary Leases
By: Frank Lovece December 26th, 2014 A New York State law that went into effect Dec. 3, requiring all residential leases to contain a notice about the building’s sprinkler system, appears to mandate that even co-op proprietary leases must be amended to reflect the language change. The new law also impacts leases offered by condominium Full Article…
FDA’s Poison Prevention Packaging Rule: A Bitter Pill the FDA is Forced to Swallow
By John M. Desiderio The U.S. Court of Appeals for the Second Circuit recently ruled unanimously that the Food and Drug Administration (FDA) is not authorized to regulate the packaging of solid dosage dietary supplements and drugs for poison prevention purposes.1 The court held that FDA exceeded its statutory jurisdiction when it issued regulations requiring unit-dose Full Article…
Adam Leitman Bailey, P.C. Saves a Piece of History
Our client, a shareholder in a landmarked, prestigious cooperative apartment building faced a unique challenge:the cooperative was responsible for maintaining the windows in his unit that were installed in mid-century and pivoted in and out. However, the cooperative failed to maintain the windows and a leaking condition ensued. When the shareholder sought to have the Full Article…
Sprinkler System Leases the New Letter of the Law
By: Adam Leitman Bailey & Dov Treiman October 9th, 2014 A new sprinkler system law coming into effect December 3 could leave landlords guessing about their obligations. Effective December 3, 2014, all residential leases in New York State require a notice to the tenant about the presence or absence of sprinkler systems in the “leased Full Article…
Clarified Rules for Earning Brokerage Commissions
By: Adam Leitman Bailey & Jeffrey Metz October 8th, 2014 After years of uncertainty and fact-based decisions, the Appellate Division, First Department, in a thoughtful decision authored by Justice Rolando Acosta, clarified the guidelines for earning a real estate broker’s commission in Manhattan and the Bronx. This article devotes considerable time to Acosta’s decision and Full Article…
How To Overcome Tenant Resistance To An MCI Application
By: Adam Leitman Bailey & Dov Treiman September, 2014 Part I: How To Overcome Tenant Resistance To An MCI Application I. General Overview Major Capital Improvement Increases (MCI’s) are a concept that parties can contract for if they are not subject to rent regulation. However, generally speaking, unregulated residential tenants rarely do contract for them. Full Article…
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