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Article: The LSTA Launches Legislative Effort to Gain Relief From Statute of Frauds.
- Article from:
- PR Newswire
- Article date:
- October 2, 2001
CopyrightCOPYRIGHT 2001 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Oct. 2 /PRNewswire/ --
The Loan Syndications and Trading Association (the LSTA) announced today that it has begun two significant initiatives to address trade enforcement issues created by the New York State Statute of Frauds.
In its current form, the New York Statute of Frauds requires a signed agreement to bind parties to a trade. This legal requirement runs counter to market practice where the terms are most often set over the telephone. The statute, in effect, creates a loophole for either party to deny responsibility for the trade until the party against whom enforcement is sought has signed an agreement.
To close this loophole ...