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ARTICLE · 14 MAY 2021

LIBOR Legislation Bill Passed By New York State Legislature

McGuireWoods LLP
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On March 24, 2021, the New York State legislature passed a Senate Bill (the Bill) regarding the discontinuation of USD LIBOR, which will cease in mid-2023.

United StatesFinance and Banking
Donald A. Ensing
Donald A. Ensing
Barlow T. Mann
Barlow T. Mann
Jennifer J. Kafcas
Jennifer J. Kafcas
Alvino S. Van Schalkwyk
Alvino S. Van Schalkwyk
Harry Poland
Harry Poland

On March 24, 2021, the New York State legislature passed a Senate Bill (the Bill) regarding the discontinuation of USD LIBOR, which will cease in mid-2023. New York State Governor Andrew Cuomo signed the Bill into law on April 6, 2021.

The new law applies with respect contracts governed by New York law for which U.S. dollar LIBOR (USD LIBOR) is used as an interest rate benchmark. Similar to the version of the legislation that the ARRC originally proposed in March 2020, the final law, among other provisions, (i) prohibits a contract party from refusing to perform its contractual obligations or declaring a breach of contract as a result of LIBOR discontinuance or the use of the legislation's recommended benchmark replacement, (ii) establishes that the use of the ARRC-recommended benchmark replacement (which will be based on the Secured Overnight Financing Rate (or SOFR) is a commercially reasonable substitute for and a commercially substantial equivalent to LIBOR,

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