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New York Commercial Division Practice

Procedure & Practice for the Commercial Division Litigator

UCC Article 9

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An Interesting Tale of New York’s One-Action Rule

By James R. Maguire on March 31, 2022
Posted in commercial real estate, Injunctions, Parties, Remedies

As mortgage loan transactions continue to become increasingly complex, lenders often worry about the remedies they have if borrowers fail to live up to their obligations. In the event of a default, lenders have the choice under New York’s election of remedies statute (RPAPL § 1301 (1)) to either (i) enforce the note…

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