Michael Mix and Vani Upadhyaya Co-Author Article in Legaltech News Concerning Summary Judgment in Lieu of Complaint When the Underlying Obligation Is in Cryptocurrency

Partner Michael Mix and Associate Vani Upadhyaya co-authored a November 16 article in Legaltech News entitled “No Complaints with Cryptocurrency: The Applicability of CPLR 3213’s Summary Judgment in Lieu of Complaint to Obligations in Cryptocurrency.”

The authors discuss the “the open question as to whether CPLR 3213 applies to obligations in cryptocurrency” in light of “the increasing prevalence of contracts containing an obligation by one party to pay the other party in cryptocurrency.”

Mix and Upadhyaya explain that for contracts involving the payment of fiat currency, summary judgment in lieu of complaint under CPLR 3213 is a useful and expedient “method under New York law where, instead of serving a traditional summons and complaint, a plaintiff can serve a defendant with a summons, a notice of motion for summary judgment, and the supporting papers.”

However, the authors note that it is unclear whether obligations denominated in cryptocurrency would be considered the “payment of money only” such that CPLR 3213 would apply. They state, “If clarified in the courts, summary judgment in lieu of complaint could become a very useful tool for New York state litigants seeking a speedy resolution to enforce those obligations.”

Click below to read a PDF of the article.