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A00164 Summary:

BILL NOA00164B
 
SAME ASSAME AS S00297-B
 
SPONSORZebrowski
 
COSPNSRMcDonald, Griffin, Rajkumar
 
MLTSPNSR
 
Add Art 18-C §§18-400 - 18-403, Gen Ob L
 
Enacts provisions relating to the discontinuance of LIBOR (the London interbank offered rate); prohibits parties from refusing to perform contractual obligations or declaring a breach of contract as a result of the discontinuance of LIBOR or the use of a replacement; establishes that the replacement is a commercially reasonable substitute for and a commercially substantial equivalent to LIBOR; provides a safe harbor from litigation for the use of the recommended benchmark replacement.
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