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Co-ops and Condominiums
Co-Op Obligated to Facilitate Transfer By Holder of Unsold Shares
Matter of 144-80 Realty Associates v. 144-80 Sanford Apartment Corp. NYLJ 4/9/21, p. 20, col. 3 AppDiv, Second Dept. (memorandum opinion)
In an action by holder of unsold shares against the co-op corporation for breach of contract, the co-op corporation appealed from Supreme Court's award of summary judgment to holder of unsold shares on the issue of liability. The Appellate Division affirmed, rejecting the co-op corporation's contention that the appeal had become moot.
The holder of unsold shares brought this action contending that the co-op corporation had breached the bylaws and the proprietary lease by refusing to issue a new stock certificate and lease for proposed purchasers of one of the unit held by holder of unsold shares. Supreme Court directed the corporation to issue the stock certificate and lease, but the co-op corporation then moved to reargue, contending that the action was moot because the proposed purchasers had terminated the sale contract. Supreme Court vacated its order mandating issuance of the certificate and lease, but awarded summary judgment to holder of unsold shares on its claims for breach. The co-op corporation appealed.
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