Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Apr 06, 2021 | signed chap.94 |
Apr 01, 2021 | delivered to governor |
Mar 24, 2021 | returned to assembly passed senate 3rd reading cal.523 substituted for s297b |
Mar 24, 2021 | substituted by a164b |
Mar 11, 2021 | advanced to third reading |
Mar 10, 2021 | 2nd report cal. |
Mar 09, 2021 | amended (t) 297b |
Mar 09, 2021 | 1st report cal.523 |
Mar 01, 2021 | print number 297a |
Mar 01, 2021 | amend (t) and recommit to judiciary |
Jan 06, 2021 | referred to judiciary |
senate Bill S297B
Signed By GovernorSponsored By
Kevin Thomas
(D) 6th Senate District
Archive: Last Bill Status Via A164 - Signed by Governor
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
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Bill Amendments
S297 - Details
S297 - 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; provides a safe harbor from litigation for the use of the recommended benchmark replacement.
S297 - Sponsor Memo
BILL NUMBER: S297 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 PROVISIONS: Section 1 amends the Uniform Commercial Code to add a new article 12 relating to London Interbank Offered Rate ("LIBOR") discontinuance. Section 12-101 contains definitions.
S297 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 297 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary 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; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
S297A - Details
S297A - 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; provides a safe harbor from litigation for the use of the recommended benchmark replacement.
S297A - Sponsor Memo
BILL NUMBER: S297A SPONSOR: THOMAS TITLE OF BILL: An act to amend the general obligations law, in relation to the discon- tinuance of the London interbank offered rate (Part PP) 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 PROVISIONS: Section 1 amends the general obligations law to add a new article 18-C relating to London Interbank Offered Rate ("LIBOR") discontinuance. Section 18-400 contains definitions.
S297A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 297--A 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the general obligations law, in relation to the discon- tinuance of the London interbank offered rate (Part PP) THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: PART PP Section 1. The general obligations law is amended by adding a new article 18-C to read as follows: ARTICLE 18-C LIBOR DISCONTINUANCE SECTION 18-400. DEFINITIONS. 18-401. EFFECT OF LIBOR DISCONTINUANCE ON AGREEMENTS. 18-402. CONTINUITY OF CONTRACT AND SAFE HARBOR. 18-403. SEVERABILITY. § 18-400. DEFINITIONS. AS USED IN THIS ARTICLE THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: 1. "LIBOR" SHALL MEAN, FOR PURPOSES OF THE APPLICATION OF THIS ARTICLE TO ANY PARTICULAR CONTRACT, SECURITY OR INSTRUMENT, U.S. DOLLAR LIBOR (FORMERLY KNOWN AS THE LONDON INTERBANK OFFERED RATE) AS ADMINISTERED BY ICE BENCHMARK ADMINISTRATION LIMITED (OR ANY PREDECESSOR OR SUCCESSOR THEREOF), OR ANY TENOR THEREOF, AS APPLICABLE, THAT IS USED IN MAKING ANY CALCULATION OR DETERMINATION THEREUNDER. 2. "LIBOR DISCONTINUANCE EVENT" SHALL MEAN THE EARLIEST TO OCCUR OF ANY OF THE FOLLOWING: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03775-02-1
Co-Sponsors
James Sanders Jr.
(D) 10th Senate District
S297B (ACTIVE) - Details
S297B (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; provides a safe harbor from litigation for the use of the recommended benchmark replacement.
S297B (ACTIVE) - Sponsor Memo
BILL NUMBER: S297B SPONSOR: THOMAS TITLE OF BILL: An act to amend the general obligations law, in relation to the discon- tinuance of the London interbank offered rate 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 PROVISIONS: Section 1 amends the general obligations law to add a new article 18-C relating to London Interbank Offered Rate ("LIBOR") discontinuance. Section 18-400 contains definitions.
S297B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 297--B Cal. No. 523 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported favorably from said committee, ordered to first report, amended on first report, ordered to a second report and ordered reprinted, retaining its place in the order of second report AN ACT to amend the general obligations law, in relation to the discon- tinuance of the London interbank offered rate 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 article 18-C to read as follows: ARTICLE 18-C LIBOR DISCONTINUANCE SECTION 18-400. DEFINITIONS. 18-401. EFFECT OF LIBOR DISCONTINUANCE ON AGREEMENTS. 18-402. CONTINUITY OF CONTRACT AND SAFE HARBOR. 18-403. SEVERABILITY. § 18-400. DEFINITIONS. AS USED IN THIS ARTICLE THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: 1. "LIBOR" SHALL MEAN, FOR PURPOSES OF THE APPLICATION OF THIS ARTICLE TO ANY PARTICULAR CONTRACT, SECURITY OR INSTRUMENT, U.S. DOLLAR LIBOR (FORMERLY KNOWN AS THE LONDON INTERBANK OFFERED RATE) AS ADMINISTERED BY ICE BENCHMARK ADMINISTRATION LIMITED (OR ANY PREDECESSOR OR SUCCESSOR THEREOF), OR ANY TENOR THEREOF, AS APPLICABLE, THAT IS USED IN MAKING ANY CALCULATION OR DETERMINATION THEREUNDER. 2. "LIBOR DISCONTINUANCE EVENT" SHALL MEAN THE EARLIEST TO OCCUR OF ANY OF THE FOLLOWING: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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