First Department Decision Significantly Impacts Scope of Liability for Commercial Lease Guarantors
Real Estate
On October 24, 2023, the Appellate Division, First Department, held that a lease guarantor could not be found liable for use and occupancy charges that accumulate after the end of a lease term unless the foregoing was specifically covered in the guaranty. This decision by the First Department will have a substantial effect on both commercial lease and guaranty negotiations.
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