New York’s Commercial Division to Require Corporate Disclosure Statements Print PDF
Effective December 1, 2021, the Supreme Court of New York’s Commercial Division is requiring corporate parties to file corporate disclosure statements akin to the statement required under Rule 7.1 of the Federal Rules of Civil Procedure.
Specifically, new Commercial Division Rule 35 requires that “a non-governmental corporate party and a non-governmental corporation that seeks to intervene [file] a disclosure statement that: (1) identifies any parent corporation and any publicly held corporation owning 10% or more of its stock; or (2) states that there is no such corporation.”
As with the Rule 7.1 disclosure, the purpose of this new State Court Commercial Division Rule is so that a judge can determine early on in the proceedings whether that judge may have any conflicts requiring recusal.
The Rule 35 disclosure must be filed with the party’s “first appearance, pleading, petition, motion, response, or other request addressed to the court.” If any required information changes thereafter, the party must file a supplemental statement.