|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to judiciary|
|Jan 09, 2013||referred to judiciary|
senate Bill S567
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S567 - Details
S567 - Summary
Declares certain contracts to which a debt evading foreign state is a party to be void as against public policy.
S567 - Sponsor Memo
BILL NUMBER:S567 TITLE OF BILL: An act to amend the general obligations law, in relation to certain provisions of contracts and debt or equity securities of debt evading foreign states and state-owned corporations of debt evading foreign states to be void as against public policy PURPOSE OF BILL: This bill will amend the general obligations law by prohibiting certain foreign states, their agencies or instrumentalities, and their state-owned corporations, against whom final judgments of at least $100 million have remained unpaid for two years (collectively "debt evading foreign states"), from amending their debt or equity securities, or contracts governing them (collectively "obligations") by revoking, amending, changing or eliminating (collectively "amendment") provisions in such obligations which in any way relate to a holder's enforcement rights under such obligations, as void as against public policy and unenforceable against any holder that has not affirmatively agreed to such amendment, when the passage of the amendment is by reason of the votes of holders of such obligations who will no longer be holders upon passes of the amendment. As a result of this bill, holders of such obligations, most of which were issued in New York, governed by New York law, and which contain waivers of immunity and consents to suit in New York, will not be
S567 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 567 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. GIANARIS -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the general obligations law, in relation to certain provisions of contracts and debt or equity securities of debt evading foreign states and state-owned corporations of debt evading foreign states to be void as against public policy THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The general obligations law is amended by adding a new section 5-337 to read as follows: S 5-337. CERTAIN AMENDMENTS OF CONTRACTS ENTERED INTO BY DEBT EVADING FOREIGN STATES AND BY STATE OWNED CORPORATIONS OF DEBT EVADING FOREIGN STATES VOID AS AGAINST PUBLIC POLICY. (A) AN AMENDMENT OF A CONTRACT TO WHICH A DEBT EVADING FOREIGN STATE, AN AGENCY OR INSTRUMENTALITY OF A DEBT EVADING FOREIGN STATE, OR A STATE-OWNED CORPORATION OF A DEBT EVAD- ING FOREIGN STATE IS A PARTY, INCLUDING A CONTRACT GOVERNING DEBT OBLI- GATIONS OF OR EQUITY SECURITIES ISSUED BY A FOREIGN STATE, ADOPTED BY A VOTE OF THE PARTIES TO, OR THE RECORD OR BENEFICIAL HOLDERS OF THE OBLI- GATION IN CONNECTION WITH A TRANSACTION WITH THE FOREIGN STATE AS A RESULT OF WHICH THE HOLDERS VOTING IN FAVOR OF SUCH AMENDMENT WILL NO LONGER BE HOLDERS, AND WHICH PURPORTS TO REVOKE, AMEND, CHANGE OR ELIMI- NATE A PROVISION WHICH RELATES IN ANY WAY TO A HOLDER'S ENFORCEMENT RIGHTS UNDER SUCH OBLIGATION, INCLUDING BUT NOT LIMITED TO AN AMENDMENT THAT RELATES TO A PROVISION WHEREBY THE FOREIGN STATE: (I) WAIVES THE IMMUNITY OF SUCH FOREIGN STATE WITH RESPECT TO ACTIONS OR PROCEEDINGS, INCLUDING ACTIONS OR PROCEEDINGS TO ENFORCE ANY FINAL JUDGMENT ENTERED AGAINST SUCH FOREIGN STATE, BROUGHT BY ANY HOLDER BASED UPON OR WITH RESPECT TO SUCH OBLIGATION; OR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01702-01-3
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