Restores the champerty defense in sovereign debt lawsuits for claims over $500,000.
This bill amends the judiciary law and the civil practice law and rules to restore the champerty defense in sovereign debt lawsuits for claims over $500,000. It specifies that the defense applies to suits brought by corporations or collection agencies against foreign states or their political subdivisions. The bill also addresses the inference of an assignee's intent and purpose in taking an assignment of a claim against an obligor that is not an eligible obligor. The changes do not affect amounts paid prior to the effective date of this subdivision.
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