A New York federal court ruled that a pooling and servicing agreement (PSA) and mortgage loan purchase agreement (MLPA) that select New York as their governing law may not require application of New York’s statute of...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