New York Assembly Bill 11098 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on November 6 2020 - 25% progression, died in committee
Action: 2020-11-06 - referred to judiciary
Pending: Assembly Judiciary Committee
Text: Latest bill text (Introduced) [HTML]

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.

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.

Asm. Kenneth Zebrowski [D]

Date	Chamber	Action
2020-11-06	Assembly	referred to judiciary

S09070 (Same As) 2020-10-28 - REFERRED TO RULES

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2019/A11098
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=A11098&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A11098