Updated August 2021: The latest legal changes, affecting commercial lease personal guarantors.

Aug 5, 2021

Kiritsis Law -- Contact Phone# 212 922 0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

Besides looking at merely the plain reading of the recent statutory law language, we may need to be mindful of their ambiguous nature in terms of court enforcement.

 

Common Legal Topics

It is important to note that generally speaking (as with virtually everything in law, every 'rule' has an 'exception' -- i.e. when dealing with legal entities as opposed to individuals), one does NOT necessarily need legal counsel to assert his/her legal rights. A way to both nullify and bolster the enforcement mechanisms of personal guarantor clauses in commercial lease agreements, may lay on the Corporation/LLC kit documents of the underlying commercial tenant.

 

Cause for increase in litigation?

Although, the law seems to have changed drastically against NYC commercial landlords in this regard, many of our landlord clients seem to have their legal rights abilities remain largely intact, due in large part to well drafted and properly executed commercial lease agreements. The recent changes in the law with regards to commercial tenant personal guarantors seem to be largely due to a bill that was enacted by Mayor Bill De Blasio on or about May 26th, 2020.

However, in addition to changes in the law with regards to Covid-19 related changes, the law in this area may have also been subject to change, due to the passage of HSTPA of 2019, which may have slightly pre-dated any Covid 19-related issued regulations.

 

List of some useful citations and possible references could include:

– U.S. Constitution

–New York Constitution 

– New York Real Property Law

– New York GOL

– New York Condominium Act

– New York Business Corporation Law (NY BCL)

– New York Limited Liability Company (LLC) Law

– New York State Bar Association

– New York City Bar Association

– COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020

– HSTPA of 2019

– Bankruptcy Code

– Internal Revenue Code

– Covid-19 Emergency Protect our Small Businesses Act of 2021

– New York UCC (Uniform Commercial Code) Laws

– New York Lien Law

– New York Landlord-Tenant Law

– New York City Housing Court

– New York Small Claims Court

– New York Supreme Court

– NYS Appellate Court

– NY Appellate Division

– New York Court of Appeals

– U.S. Supreme Court

– New York State Executive Laws Section 296

– NYC Board of Standards and Appeals

– New York Real Estate Finance Bureau

– Uniform Land Use Review Procedure (ULURP)

– New York City Planning Commission

– Department of Buildings

– Department of Finance

– New York City Council

–New York State Assembly

– Martin Act

– SBRA (Small Businesses Reorganization Corporation Law)

– New York Labor Law Section 2408241 (Scaffolding Law)

– New York Assembly Bill No. A2554

– Federal & New York State Case Law.

 

212 922 0005

 

Law Offices of Kiritsis & Associates 

Phone # 212 922 0005

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