NY Senate Panel OKs Eminent Domain Reform Proposal

Law360, New York (May 15, 2012, 2:27 PM EDT) -- A Republican-controlled state Senate panel approved legislation to reform New York's eminent domain laws Tuesday, hinting at possible bipartisan support for a bill to protect homeowners after the U.S. Supreme Court gave governments power to take private property in the name of economic development.

The state Senate's Commerce, Economic Development and Small Business Committee approved legislation, sponsored by Long Island Republican John J. Flanagan, requiring a comprehensive plan be drafted when eminent domain is used for the "primary purpose" of economic development.

The bill, sponsored in the state...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.