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S09070 Summary:
| BILL NO | S09070 |
| SAME AS | SAME AS A11098 |
| SPONSOR | THOMAS |
| COSPNSR | |
| MLTSPNSR | |
| Add Art 12 §§12-101 - 12-104, UCC | |
| 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; and provides a safe harbor from litigation for the use of the recommended benchmark replacement. | |