By Adam Leitman Bailey and John M. Desiderio Assured Guaranty1 and Kerusa2 decisions, the New York Court of Appeals has made it clear that preemption is no longer an issue in private securities and real estate syndication cases where plaintiffs allege common law causes of action that overlap possible violations that only the attorney general Full Article…
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Condo Arrears? Try DILF. It Means More than ‘Debtors I’d Like to … Foreclose On’, Habitat Magazine
By Adam Leitman Bailey Most condo boards that attempt to collect common charges from delinquent unit-owners are faced with essentially three choices – enter into a payment plan with the defaulting resident, sue for money damages or foreclose. The problem with the payment-plan option is that when a unit-owner misses a payment, the board must Full Article…
Q & A: Selling Common Space In a Co-op Building, The New York Times
Q. If a co-op board agrees to sell co-op common space to a shareholder, what is the most effective way of structuring that transaction? Does the co-op have to amend the offering plan and assign shares? A. Adam Leitman Bailey, a Manhattan real estate lawyer, says the co-op should first hire an appraiser to determine Full Article…
Rules for Replacing Co-op Board Members, The New York Times
Rules for Replacing Co-op Board Members By Jay Ramano Q. Can a co-op board remove a member without shareholder approval? If so, how is a replacement chosen? A. Leonard H. Ritz, a Manhattan co-op and condominium lawyer, says it is necessary to review the building’s governing documents to determine the board’s powers. The bylaws typically Full Article…
Q & A: Rejection Before an Interview, The New York Times
By JAY ROMANO Published: September 21, 2012 Q. Can a co-op board reject a purchase application before interviewing the prospective buyer? A. Adam Leitman Bailey, a Manhattan co-op and condominium lawyer, says boards may, and frequently do, reject purchase applications without interviewing the prospective buyer. “If the board has determined that it will not approve Full Article…
Finding Individual Tort Liability for Board Members, New York Law Journal
By Adam Leitman Bailey and John M. Desiderio Recently, the Appellate Division First Department, in Fletcher v. Dakota, Inc.,1 held that the business judgment rule does not protect individual condo and co-op board members from personal tort liability where a board acting in its corporate capacity has acted in bad faith, but where it is Full Article…
The Fine Lines in Suing to Evict Tenants’ Families, New York Law Journal
By Adam Leitman Bailey When it comes to subletting, relatives are in an entirely different category than other persons. Relatives stand at the boundary line between family members who occupy the premises as an incident of the family relationship1 and strangers who bought into the right or privilege to occupy the premises.2 While occupancy as Full Article…
Q & A: The Owner of Record Has Left the Building, The New York Times
By Adam Leitman Bailey Q. I have a co-op unit on the market that has water damage from a shower leak in the apartment above me. I asked the management company to write a letter advising the resident of the unit that she is responsible for the damage. The management company wrote the letter to Full Article…