NY Champerty Case Puts Debt Investors On Alert

Law360, New York (October 2, 2009, 3:34 PM EDT) -- The upcoming decision by New York’s highest court in a case that probes the boundaries of the state’s champerty law could have a dramatic impact on the multibillion-dollar commercial mortgage-backed securities market still reeling in the wake of the financial crisis, attorneys say.

The U.S. Court of Appeals for the Second Circuit has asked the New York Court of Appeals to clarify the scope of the state’s champerty law, an arcane statute with roots in English common law. The law initially was aimed at blocking transfers...
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