Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
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 referred to judiciary delivered to senate passed assembly ordered to third reading rules cal.43 rules report cal.43 reported reported referred to rules |
Mar 11, 2021 |
print number 164b |
Mar 11, 2021 |
amend and recommit to judiciary |
Mar 09, 2021 |
print number 164a |
Mar 09, 2021 |
amend (t) and recommit to judiciary |
Jan 06, 2021 |
referred to judiciary |
Assembly Bill A164
Signed By Governor2021-2022 Legislative Session
Sponsored By
ZEBROWSKI
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2021-A164 - Details
- Law Section:
- Uniform Commercial Code
- Laws Affected:
- Add Art 12 §§12-101 - 12-104, UCC
- Versions Introduced in 2019-2020 Legislative Session:
-
A11098
2021-A164 - 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.
2021-A164 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 164 2021-2022 Regular Sessions I N A S S E M B L Y (PREFILED) January 6, 2021 ___________ Introduced by M. of A. ZEBROWSKI -- read once and referred 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
2021-A164A - Details
- Law Section:
- Uniform Commercial Code
- Laws Affected:
- Add Art 12 §§12-101 - 12-104, UCC
- Versions Introduced in 2019-2020 Legislative Session:
-
A11098
2021-A164A - 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.
2021-A164A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 164--A 2021-2022 Regular Sessions I N A S S E M B L Y (PREFILED) January 6, 2021 ___________ Introduced by M. of A. ZEBROWSKI -- read once and referred 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 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: A. 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
co-Sponsors
John T. McDonald III
Judy Griffin
Jenifer Rajkumar
2021-A164B (ACTIVE) - Details
- Law Section:
- Uniform Commercial Code
- Laws Affected:
- Add Art 12 §§12-101 - 12-104, UCC
- Versions Introduced in 2019-2020 Legislative Session:
-
A11098
2021-A164B (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.
2021-A164B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 164--B 2021-2022 Regular Sessions I N A S S E M B L Y (PREFILED) January 6, 2021 ___________ Introduced by M. of A. ZEBROWSKI -- read once and referred to the Committee on Judiciary -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- 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 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: A. 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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