|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Oct 28, 2020||referred to rules|
senate Bill S9070
Current Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S9070 (ACTIVE) - Details
S9070 (ACTIVE) - Summary
Enacts provisions relating to the discontinuance of LIBOR (the London interbank offered rate); prohibits parties from refusing to perform contractual obligations or declaring a breach of contract as a result of the discontinuance of LIBOR or the use of a replacement; establishes that the replacement is a commercially reasonable substitute for and a commercially substantial equivalent to LIBOR; and provides a safe harbor from litigation for the use of the recommended benchmark replacement.
S9070 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9070 SPONSOR: THOMAS TITLE OF BILL: An act to amend the uniform commercial code, in relation to the effect of a LIBOR discontinuance event on contracts, securities and other agreements PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to minimize costly and disruptive litigation by providing legal certainty for the issues arising under New York resulting from the permanent discontinuance of LIBOR. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends the uniform commercial code to add a new article 12 relating to LIBOR discontinuance. Section 12-101 contains definitions
S9070 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9070 I N S E N A T E October 28, 2020 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the uniform commercial code, in relation to the effect of a LIBOR discontinuance event on contracts, securities and other agreements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The uniform commercial code is amended by adding a new article 12 to read as follows: ARTICLE 12 LIBOR DISCONTINUANCE SECTION 12-101. DEFINITIONS. 12-102. EFFECT OF LIBOR DISCONTINUANCE. 12-103. CONTINUITY OF CONTRACT AND SAFE HARBOR. 12-104. SEVERABILITY. SECTION 12-101. DEFINITIONS. AS USED IN THIS ARTICLE THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "LIBOR" SHALL MEAN, FOR PURPOSES OF THE APPLICATION OF THIS ARTI- CLE TO ANY PARTICULAR CONTRACT, SECURITY OR INSTRUMENT, U.S. DOLLAR LIBOR (FORMERLY KNOWN AS THE LONDON INTERBANK OFFERED RATE) AS ADMINIS- TERED BY ICE BENCHMARK ADMINISTRATION LIMITED (OR ANY SUCCESSOR THERE- OF). (B) "LIBOR DISCONTINUANCE EVENT" SHALL MEAN THE EARLIEST TO OCCUR OF ANY OF THE FOLLOWING: (1) A PUBLIC STATEMENT OR PUBLICATION OF INFORMATION BY OR ON BEHALF OF THE ADMINISTRATOR OF LIBOR ANNOUNCING THAT SUCH ADMINISTRATOR HAS CEASED OR WILL CEASE TO PROVIDE LIBOR, PERMANENTLY OR INDEFINITELY, PROVIDED THAT, AT THE TIME OF THE STATEMENT OR PUBLICATION, THERE IS NO SUCCESSOR ADMINISTRATOR THAT WILL CONTINUE TO PROVIDE LIBOR; (2) A PUBLIC STATEMENT OR PUBLICATION OF INFORMATION BY THE REGULATORY SUPERVISOR FOR THE ADMINISTRATOR OF LIBOR, THE UNITED STATES FEDERAL RESERVE SYSTEM, AN INSOLVENCY OFFICIAL WITH JURISDICTION OVER THE ADMIN- ISTRATOR FOR LIBOR, A RESOLUTION AUTHORITY WITH JURISDICTION OVER THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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