Commercial Real Estate: New York Appellate Court Upholds Waiver of Yellowstone Action

Sullivan & Cromwell LLP - February 13, 2018
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In a recent decision by the Second Department of the New York Appellate Division, a tenant's waiver of its right to bring a so-called “Yellowstone” proceeding was held to be enforceable and not contrary to public policy.  Thus, commercial landlords that can include those waivers in their leases would have a substantial edge in subsequent disputes with tenants over alleged lease defaults.