The Federal District Court for the Southern District of New York provided guidance to banks regarding payment notices in the case of In re Citibank August 11, 2020 Wire Transfers after Citibank erroneously transferred over...more
The concept of default-rate interest — interest that accrues on a debt at a higher-than-normal rate if the debtor defaults on terms of the underlying financial instrument — is well known. Default-rate duties, however, may be...more