Subrogation is the principle under which an insurer that has paid a loss under an insurance policy is entitled to all of the rights and remedies belonging to the insured against a third party with respect to any loss covered by the policy. In simple terms, subrogation means substitution of one person for another. Subrogation … Continue Reading
This post was also written by Joshua Leventhal In an effort to expedite the litigation process, reduce court costs and to offer contracting parties an alternative to arbitration, the New York State Supreme Court Commercial Division has adopted an “accelerated adjudication” rule, effective as of June 2, 2014, for all disputes exceeding $500,000. The “accelerated adjudication” … Continue Reading
Landlords and secured lenders (i.e., lenders with a security interest in tenant’s personal property as collateral for a large loan) should remember to consider underlying applicable state law governing removal of a defaulted tenant’s property when negotiating landlord waivers or collateral access agreements. Competing interests are at play between landlords and secured lenders when it … Continue Reading
