NY S00297 | 2021-2022 | General Assembly
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 6 2021 - 25% progression, died in chamber
Action: 2021-03-24 - SUBSTITUTED BY A164B
Text: Latest bill text (Amended) [HTML]
Status: Introduced on January 6 2021 - 25% progression, died in chamber
Action: 2021-03-24 - SUBSTITUTED BY A164B
Text: Latest bill text (Amended) [HTML]
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.
Title
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.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2021-03-24 | Senate | SUBSTITUTED BY A164B |
| 2021-03-11 | Senate | ADVANCED TO THIRD READING |
| 2021-03-10 | Senate | 2ND REPORT CAL. |
| 2021-03-09 | Senate | AMENDED (T) 297B |
| 2021-03-09 | Senate | 1ST REPORT CAL.523 |
| 2021-03-01 | Senate | PRINT NUMBER 297A |
| 2021-03-01 | Senate | AMEND (T) AND RECOMMIT TO JUDICIARY |
| 2021-01-06 | Senate | REFERRED TO JUDICIARY |
Same As/Similar To
A00164 (Same As) 2021-04-06 - signed chap.94
