Libor Transition Hits ‘Milestone’ With NY Legacy Contracts Fix (Law360 Pulse)

Law360 Pulse, March 25, 2021

Libor Transition Hits ‘Milestone’ With NY Legacy Contracts Fix

‘This statute addresses an important need, where contracts cannot be practically amended or are otherwise not amended by the parties in time,’ the New York City Bar Association said in a Wednesday statement applauding passage of the bill. ‘It mitigates these issues while preserving parties’ ability to enter into their own contract modifications for the purpose of addressing the cessation of Libor.’

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