The decision of the New York Supreme Court inBank of America, N.A. v. PSW NYC LLC, 29 Misc.3d 1216A, 918 NYS3d 396, garnered national attention in 2010. The
Stuy Town: Redux in the Desert
The decision of the <i>New York Supreme Court in Bank of America, N.A. v. PSW NYC LLC</i> garnered national attention in 2010. The court ruled that, under the terms of an Intercreditor Agreement in common use in complex real estate loans across the United States, a mezzanine lender could not exercise its rights against its collateral without first paying off senior debt. Now the issue is causing a stir in the Arizona desert.
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