NY Lenders May Face Barriers In Real Estate DispositionsSeptember 21, 2020 – Law360
As the country entered into an extended period of lockdowns this spring, there was widespread concern that the anticipated severe economic impact of the pandemic would lead to a wave of defaults and foreclosures in the commercial real estate market.
In response to these concerns, New York Gov. Andrew Cuomo enacted a series of executive orders suspending all commercial eviction and foreclosure proceedings in the state. There remained some ambiguity, however, as to whether these orders applied to the disposition of collateral securing a loan under Article 9 of the Uniform Commercial Code, or UCC.
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