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Page 32 - பிராட்லி அரண்ட் பவுல்ட் கம்மிங்ஸ் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

New York Clarifies Mortgage Loan Acceleration and De-Acceleration: Starting and Stopping the Limitations Clock | Bradley Arant Boult Cummings LLP

To embed, copy and paste the code into your website or blog: On February 18, 2021, the New York Court of Appeals’ consolidated resolution of four cases that answered two critical questions concerning the application of the statute of limitations in New York mortgage foreclosure actions: What constitutes a valid acceleration such that the six-year “clock” is started and what actions constitute a valid “de-acceleration” of a loan? Question 1: What starts the clock? The opinion discussed two cases, Wells Fargo Bank, N.V. v. Ferrato and Vargas v. Deutsche Bank National Trust, addressing acts that do or do not constitute valid acceleration.  Like a majority of states, New York requires lenders to accelerate loans via an “unequivocal overt act.” In

Guest Notebook: New Law Offers Rent Relief for Commercial Tenants | Bradley Arant Boult Cummings LLP

To embed, copy and paste the code into your website or blog: At the end of 2020, Congress enacted the Consolidated Appropriations Act, 2021, partially in response to the COVID-19 pandemic and resulting economic crisis. While funding the federal government and preventing a government shutdown, the CAA also included several amendments to the bankruptcy code providing much-needed rent relief for commercial tenants. The bankruptcy code generally requires a debtor in bankruptcy to timely pay its rental obligations during the bankruptcy case. Prior to enactment of the CAA, commercial tenants and debtors in bankruptcy tried with varying degrees of success to secure rent abatement during their bankruptcy cases. Providing a new degree of certainty, Congress has provided debtors in bankruptcy specific forms of temporary relief. 

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