An Explicit Summary of Loan Terms Held Not Binding Under New York Law | Practical Law

An Explicit Summary of Loan Terms Held Not Binding Under New York Law | Practical Law

An update on the New York Supreme Court, Appellate Division's decision in Amcan Holdings, Inc. v. Canadian Imperial Bank of Commerce, holding that under New York law, a preliminary agreement containing explicit loan terms and conditions was not binding in the absence of executed final documents, as contemplated by the agreement.

An Explicit Summary of Loan Terms Held Not Binding Under New York Law

Practical Law Legal Update 4-501-3302 (Approx. 4 pages)

An Explicit Summary of Loan Terms Held Not Binding Under New York Law

by PLC Finance
Published on 05 Feb 2010 • USA (National/Federal)
An update on the New York Supreme Court, Appellate Division's decision in Amcan Holdings, Inc. v. Canadian Imperial Bank of Commerce, holding that under New York law, a preliminary agreement containing explicit loan terms and conditions was not binding in the absence of executed final documents, as contemplated by the agreement.