Nonparty subpoenas are a useful discovery tool in commercial disputes. Particularly when the dispute involves access to or control over funds on deposit with a financial institution, the institution’s account statements, and transaction records may be critical. But stringent requirements
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The Flexible “For Cause” Standard for Director and Officer Removal
In this week’s New York Business Divorce, we consider a first-in-a-generation appeals court decision affirming a lower court’s removal of a corporate officer “for cause.”…
Altering a Confession of Judgment? Think Again!
A confession of judgment has often been viewed as an important tool in settling a litigation or finalizing a transaction. In 2019, the New York State Legislature made some significant amendments to the Confession of Judgment law (CPLR §…
CMS Approves a New 1115 Waiver Amendment: The New York Health Equity Reform (NYHER) Program
On January 9, 2024, the federal Centers for Medicare and Medicaid Services (CMS) finally approved New York State’s 1115 waiver amendment to establish the New York Health Equity Reform (NYHER) Program. That application, which is the successor to the state’s Delivery…
The Admission of Remotely Witnessed Wills to Probate in New York
In 2021 and 2022, I wrote about Surrogate’s Court decisions that addressed the admission of remotely witnessed wills to probate in New York State. Since then, Surrogate’s Courts have issued at least two more decisions addressing the validity of remotely…
The First State Defines the Scope of Majority Shareholder Fiduciary Duties
This week’s post takes us to the halls of Delaware Chancery Court, where a recent decision from Vice Chancellor Laster offers a first-of-its-kind roadmap for assessing the fiduciary duties owed by a majority shareholder.…
Out of Control! What the Elon Musk Compensation Case Reminds Us about Transactions with Controlling Stockholders
Process still matters. That’s the main takeaway from the Delaware Court of Chancery’s 200-page opinion striking down Tesla’s 2018 incentive package awarded to Elon Musk. The court rescinded the incentive package mainly because Musk was found to control Tesla and…
No Deceit, No Defeat: Commercial Division Enforces Broad General Release
A recent decision from Justice Fidel Gomez of the Bronx County Commercial Division, 1125 Morris Ave. Realty LLC v Title Issues Agency LLC, reminds us to closely review the language of general releases as New York courts continue to…
Disclosure Revolution: Legislation Makes Property Condition Disclosure Statements Mandatory, Adding Flood Risks, and Waving Farewell to the $500 Credit
On September 22, 2023, Governor Kathy Hochul signed legislation (A.1967/S.5400) amending the Property Condition Disclosure Act (“PCDA”), which effectively eliminates a seller’s option to provide a residential homebuyer with a $500 credit in lieu of a Property Condition…
The Perils of Indeterminate LLC Membership Interests, Redux
This week’s New York Business Divorce revisits the issue of indeterminate LLC membership interests and the resulting disputes that can arise when not properly addressed in the operating agreement.…