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NY A02729
Bill
Status
Engrossed
6/5/2024
Primary Sponsor
Steven Otis
Click for details
AI Summary
- Amends Real Property Law Section 227-e to extend the landlord duty to mitigate damages to commercial tenancies, removing the restriction that previously limited this requirement to dwelling premises only
- Requires landlords to take reasonable and customary actions in good faith to rent vacated premises at fair market value or the lease rate (whichever is lower) when a tenant breaches the lease by vacating
- Provides that successfully re-renting the premises at fair market value or agreed lease rate terminates the previous tenant's lease and mitigates damages otherwise recoverable from that tenant for the breach
- Places the burden of proof on the party seeking to recover damages
- Voids any lease provisions that attempt to exempt landlords from the duty to mitigate damages as contrary to public policy
- Takes effect immediately upon enactment
Legislative Description
Requires landlords to mitigate damages when commercial tenants vacate premises in violation of the terms of the lease.
Last Action
REFERRED TO RULES
6/5/2024
Committee Referrals
Rules6/5/2024
Rules5/22/2024
Judiciary1/3/2024
Rules5/23/2023
Judiciary1/27/2023
Full Bill Text
No bill text available