The City Council yesterday held another hearing on proposed Living Wage legislation, despite mixed support even among unions; evidence that the threat of Living Wage requirements killed the Kingsbridge Armory redevelopment plan in 2009, along with 1200 permanent jobs; and dire projections for the impact of the bill on subsidized housing projects. The bill’s fate now seems to rest with Council Speaker Christine Quinn.
When is recourse non-recourse? When a personal guaranty isn’t specifically assigned as part of a note transfer from the FDIC, according to a State Supreme Court decision in East West Bank v. 32 Tower LLC. The FDIC transferred all evidence of indebtedness, the decision said, but other courts have ruled repeatedly that a guarantee is not evidence of indebtedness…at least in legal terms.