Nov 11, 2013

Sovereign Immunity from a Surety’s Subrogation Claims? Not in Georgia

Authored by Darren Rowles and Scott Cahalan When a surety receives notice that its principal has defaulted, the surety is faced with a decision.  Depending on the terms of the bond, the surety can either complete the work at its own expense, obtain bids from completion contractors and then arrange for them to contract directly with the owner or other obligee, allow the obligee to arrange for completion of the work with the costs to be paid by the surety, settle with the obligee, or it can choose to defend against the default and assert the principal’s claims, if any, against… Read more

Aug 26, 2009

New Powers of Attorney

Last Will and Testament

New Sections 5-1501, 5-1501A and 5-1501B of the New York General Obligations Law[1] will take effect on September 1, 2009 that will affect the validity of powers of attorney.  Although currently valid powers of attorney will remain in effect, all new powers of attorney must be drafted on a new statutory form or must incorporate the new language required by the law.  The statutory changes will affect many transactions, including those involving cooperatives and condominiums. Under the new law, the agent, as well as the principal, must now sign the form, and the power will survive the incapacity of the… Read more