• In New York Lending Agreements, The Contract Rules
  • June 21, 2017 | Author: Richard H. Epstein
  • Law Firm: Sills Cummis & Gross P.C. - Newark Office
  • Lenders should make one change to their loan documentation: where possible, add a New York choice-of-law provision. In some states, borrowers may invoke the “implied covenant of good faith and fair dealing” to circumvent certain express loan terms. New York’s First Department recently made clear that such arguments by the borrower will be rejected.