Recently, two important court decisions ruled that a New York City local law known as the Guaranty Law, which rendered unenforceable certain guaranties of commercial lease obligations, was unconstitutional. One month later, the New York Supreme Court declined to follow it.

Conflicting rulings, however, left the issue unsettled and landlords without clear guidance.

In 2020,

On March 21, 2020, Governor Cuomo issued Executive Order 202.9, which is in effect through April 20, 2020. The order provides financial relief to consumers and businesses with outstanding bank loans.

The order modifies subdivision two of Section 29 of the Banking Law to provide that it is an “unsafe and unsound” business practice if