N.Y. General Obligations Law § 5-1402 : Enforceability Of Clauses Respecting Choice Of Law And Choice Of Forum In Certain Transactions — General Obligations — Creation, Definition And Enforcement Of Contractual Obligations — Choice of forum

7 Oct 2015

Current through 2016 New York Laws, Chapters 1 to 237

1. Notwithstanding any act which limits or affects the right of a person to maintain an action or proceeding, including, but not limited to, paragraph (b) of section thirteen hundred fourteen of the business corporation law and subdivision two of section two hundred-b of the banking law, any person may maintain an action or proceeding against a foreign corporation, non-resident, or foreign state where the action or proceeding arises out of or relates to any contract, agreement or undertaking for which a choice of New York law has been made in whole or in part pursuant to section 5-1401 and which (a) is a contract, agreement or undertaking, contingent or otherwise, in consideration of, or relating to any obligation arising out of a transaction covering in the aggregate, not less than one million dollars, and (b) which contains a provision or provisions whereby such foreign corporation or non-resident agrees to submit to the jurisdiction of the courts of this state.
2. Nothing contained in this section shall be construed to affect the enforcement of any provision respecting choice of forum in any other contract, agreement or undertaking.
N.Y. Gen. Oblig. Law § 5-1402