Appellate Division, First Department · October 15, 2026 · 2026 NY Slip Op 05997
BFAM Asian Opportunities Master Fund, LP v Glory Health Indus. Ltd.
Read the official decision: 2026 NY Slip Op 05997
Holding Beneficial owners of notes held through a clearing system have standing to sue based on STAC letters and clearing policies, even if not direct holders. A Chinese law making performance impossible does not excuse performance under a New York law-governed contract lacking a force majeure clause.
The court’s words
Plaintiffs established prima facie that they had standing to commence this action by submitting Euroclear's policies and operating procedures
2026 NY Slip Op 05997, at the official text
The indenture was expressly governed by New York law, and it did not contain a force majeure clause addressing the risk that Chinese laws would change
2026 NY Slip Op 05997, at the official text
Defendants failed to raise an issue of fact as to whether they bore the risk of conflicts between New York and Chinese law
2026 NY Slip Op 05997, at the official text
| Court | Appellate Division, First Department |
|---|---|
| Decided | October 15, 2026 |
| Citation | 2026 NY Slip Op 05997 |
| Area of law | Contracts and Commercial |
| Week | Week ending October 17, 2026 |
| Official text | Official decision: 2026 NY Slip Op 05997 |
| Publication status | Slip opinions are uncorrected and subject to revision before publication in the Official Reports. |
| Source feed | New York slip opinion page |
| Law Watch record id | 1234 |
Recommended citation
ESQ HQ, New York Law Watch, BFAM Asian Opportunities Master Fund, LP v Glory Health Indus. Ltd., 2026 NY Slip Op 05997 (Appellate Division, First Department, October 15, 2026), https://esqhq.com/decisions/2026-ny-slip-op-05997/
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