Category: Guarantors & Personal Liability

In a decision last week that should gratify partners in law and other professional firms organized as limited liability partnerships, the Supreme Court of the State of New York (Justice Saliann Scarpulla) ruled, in effect, that the requirement of section 26(d) of the New York Partnership Law for a majority vote of partners in order to create personal liability on the part of Continue reading “Dewey defeats landlord* — Partners in tenant LLP not personally liable on lease”

A recent New York Appellate Division (1st Dept.) alerted me to the fact that, under New York law , a tenant’s guarantor is more liable under a lease than the tenant itself.  I Bldg Inc. v. Hong Mei Cheung,  2016 NY Slip Op 01587 (March 8, 2016) refers to prior law holding that a guarantor cannot assert a defense potentially available to the tenant unless Continue reading “Guarantor Beware”