Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Court of Appeals Clarifies Condominium Lien Priority
Real Property Law Section 339-z provides that a condominium board's lien for unpaid common charges shall have priority over liens other than “sums unpaid on a first mortgage of record.” When a first mortgagee also extends a second mortgage loan, and consolidates the two mortgages, does the condominium's lien enjoy priority over the second mortgage? In Plotch v. Citibank, N.A., NYLJ 5/11/16, p. 22, col. 1, the Court of Appeals held that when both mortgages loans were extended before any default on common charges, both mortgages enjoy priority over the condominium's lien.
The Plotch Facts
In 2000, Citibank extended a $54,000 first mortgage loan to the owner of a condominium unit, and recorded the mortgage. The following year, Citibank extended a $38,000 second mortgage loan to the same unit owner, and the parties entered into a consolidation agreement. The second mortgage and the consolidation agreement were both recorded. Subsequently, the unit owner defaulted on its common charges and seven years later, the condominium filed a lien for unpaid common charges. The condominium foreclosed on its lien, and, in a 2010 foreclosure sale, Plotch bought the unit for $15,100, subject to “[t]he first Mortgage of record against the premises.” Plotch then brought an action for a judgment declaring that Citibank's second mortgage was subordinate to the lien for common charges, and that Plotch therefore owned the unit subject only to Citibank's first mortgage. Supreme Court and the Appellate Division both concluded that both of Citibank's mortgages enjoyed priority over the lien for unpaid common charges, and Plotch appealed.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?