Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Cooperatives & Condominiums
Right to Surrender Parking Space Shares
North Shore Towers Apartments, Inc. v. Three Towers Associates
NYLJ 8/14/17, p. 19, col. 1
AppDiv, Second Dept.
(memorandum opinion)
In co-op corporation's action against sponsor for a determination that sponsor's purported surrender of shares representing unsold parking spaces is invalid, sponsor appealed from Supreme Court's award of summary judgment to the co-op corporation. The Appellate Division reversed and remanded, concluding that the controlling documents were ambiguous about the sponsor's right to surrender the parking space shares without also surrendering the shares of the associated apartment.
The sponsor's offering plan, effective in 1986, converted into cooperative ownership three buildings with 1844 apartments and 2492 parking spaces. The sponsor remained the holder of unsold shares associated with a number of apartments and parking spaces. In 2010, sponsor purported to surrender the shares representing unsold parking spaces. The co-op corporation then brought this action, seeking to declare the surrender void. Supreme Court awarded summary judgment to the co-op corporation. Supreme Court also denied the co-op's motion for summary judgment on its claim for maintenance payments associated with the parking spaces. The sponsor appealed, and the co-op corporation cross-appealed with respect to the maintenance payments.
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.
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.
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.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
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?