Relates to the purchase of claims by corporations or collection agencies; relates to the inference of an assignee's intent and purpose in taking an assignment of a claim against an obligor that is not an eligible obligor.
Impact
Should this bill be enacted, it would have substantial implications for the legal landscape governing how corporations and collection agencies can pursue claims against obligors deemed as non-eligible. In the context of sovereign debt, this restoration of the champerty defense could significantly enhance the protective measures for countries or governments against aggressive legal actions from non-conventional investors, thereby impacting international finance and investment relations.
Summary
Bill A00643 aims to amend the judiciary law and civil practice law regarding the purchase of claims by corporations and collection agencies. The primary intention of this legislation is to restore the champerty defense specifically in sovereign debt lawsuits that involve claims exceeding $500,000 and are brought by holdout investors. The bill differentiates between conventional and cooperative investors, excluding the latter from its potential implications, which helps maintain a balance between investor rights and the legal frameworks surrounding sovereign debt resolution.
Contention
The bill is likely to encounter opposition due to concerns surrounding its potential to inhibit the rights of legitimate debt holders in pursuing claims. Critics may argue that the restoration of the champerty defense could deter necessary financial recourse for valid claims in distress situations, thereby impeding the interests of investors who operate within legal boundaries to seek resolution. Furthermore, opponents might express concerns regarding the broader implications of the bill on corporate accountability in collecting debts, particularly in the context of sovereign finances.
Same As
Relates to the purchase of claims by corporations or collection agencies; relates to the inference of an assignee's intent and purpose in taking an assignment of a claim against an obligor that is not an eligible obligor.
Relates to the purchase of claims by corporations or collection agencies; relates to the inference of an assignee's intent and purpose in taking an assignment of a claim against an obligor that is not an eligible obligor.
Relates to the purchase of claims by corporations or collection agencies; relates to the inference of an assignee's intent and purpose in taking an assignment of a claim against an obligor that is not an eligible obligor.
Relates to the purposes and powers of industrial development agencies and to improving the accountability and transparency of such agencies; makes conforming changes to the general municipal law; extends the bond issuance charge to the debt issued by not-for-profit corporations acting on behalf of the state or its political subdivisions; relates to the purposes and powers of local development corporations and certain other not-for-profit corporations thereof.
Relates to the purposes and powers of industrial development agencies and to improving the accountability and transparency of such agencies; makes conforming changes to the general municipal law; extends the bond issuance charge to the debt issued by not-for-profit corporations acting on behalf of the state or its political subdivisions; relates to the purposes and powers of local development corporations and certain other not-for-profit corporations thereof.
Provides that the governing body of municipal corporation, may by resolution agree to join together with any municipal corporation or corporations to establish a joint insurance fund for the purpose of insuring against liability, property damage, and workers' compensation, insuring against loss or theft of moneys or securities, providing blanket bond coverage of certain county or municipal officers and employees for faithful performance and discharge of their duties under the public officers' law, insuring against bodily injury and property damage claims arising from environmental impairment liability and legal representation therefor to the extent that such coverages; makes related provisions.
Establishes a local authorities searchable subsidy and economic development benefits database; relates to the obligations of certain industrial development agencies and local development corporations.
Establishes a local authorities searchable subsidy and economic development benefits database; relates to the obligations of certain industrial development agencies and local development corporations.
Relates to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund for the purposes of statutory obligations, payroll, and expenditures necessary to accept authorized wagers.
Relates to rights and obligations of a municipality electing integrated non-participating owner status in gas and oil wells; provides that such municipal owner shall not have obligations for taxes, charges, fees or liability for personal injury or damages.
Prohibits the State Bond Commission from approving bonds, notes, or other indebtedness of political subdivisions against whom there is an unpaid judgment issued by a court of competent jurisdiction for amounts owed for services performed under contract (OR INCREASE SG EX See Note)
Prohibits the State Bond Commission from approving bonds, notes, or other indebtedness of certain political subdivisions against whom there is an unpaid final, nonappealable judgment issued by a court of competent jurisdiction for amounts owed for services performed under contract. (8/1/12) (RE INCREASE SG EX See Note)