When buying a business, purchasers must take into consideration the possibility of “successor liability” – that is, the buyer’s assumption of the seller’s liabilities and prior conduct upon purchasing a corporation.
In New York, the general rule is that a purchaser of the assets of another corporation is not liable for the seller’s liabilities (
Not all agreements need to be in writing to be enforced. Indeed, unless there is an applicable Statute of Frauds, oral agreements are enforceable. But what if the parties to an agreement — a formal contract — don’t sign? Is it enforceable? Maybe.
We last wrote about a case enforcing an unsigned agreement in
State courts have long exercised discretionary power to stay proceedings where a suit involving the same parties and issues is already under way in another forum (see Asher v. Abbott Laboratories, 307 AD2d 211, 211-212 [1st Dept. 2003]).
A New York Commercial Division practitioner seeking to avoid duplicative litigation can either move