senate Bill S567

2013-2014 Legislative Session

Declares certain contracts to which a debt evading foreign state is a party to be void as against public policy

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to judiciary
Jan 09, 2013 referred to judiciary

S567 - Details

Current Committee:
Law Section:
General Obligations Law
Laws Affected:
Add ยง5-337, Gen Ob L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S2530
2009-2010: S7666

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

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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