The well known “business judgment rule” gives a cooperative’s Board of Directors wide discretion in how to administer the building it oversees. Many Boards, however, mistake this for an even broader mandate to do whatever they wish. When a family that owned a penthouse apartment in a coop came to Adam Leitman Bailey, P.C., they Full Article…
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Adam Leitman Bailey, P.C. Protects a Bona Fide Purchaser of Property Dragged Into a Dispute Between Prior Owners
In a heated dispute between prior owners of a property, Adam Leitman Bailey, P.C., successfully defended against claims that its client’s predecessor in interest fraudulently obtained the subject property from the Plaintiff, and the subsequent sale of the Property to our client was null and void. The property at issue was originally owned an LLC, Full Article…
Adam Leitman Bailey, P.C. Successfully Prevents Borrower From Staying a Foreclosure Sale
Adam Leitman Bailey, P.C. was retained by a lender to foreclose a business purpose loan. After successfully prosecuting the foreclosure action and obtaining a judgment of foreclosure and sale, the property was scheduled for auction. On the eve of the foreclosure sale, the borrower filed an Order to Show Cause, with a request for a Full Article…
Adam Leitman Bailey, P.C. Secures Dismissal of Claims Against Individual Sponsor Principals in a Construction Defects Litigation
Plaintiff, the Board of Managers of a Brooklyn County condominium, brought an action against the Sponsor of the Condominium and its principals, asserting twelve causes of action relating to the allegedly defective construction of the Condominium. Using its expertise in construction defect litigation, Adam Leitman Bailey, P.C. was able to secure dismissal of all twelve Full Article…
Adam Leitman Bailey, P.C. Defeats A Borrower’s Brazen Attempt To Dismiss A Foreclosure Action On The Grounds That, Due To Her Own Delays, The Lender Failed To Hold A Foreclosure Sale In Accordance With RPAPL § 1351(1)
RPAPL § 1351(1) requires that a foreclosing lender hold a foreclosure sale within 90 days of the date that the lender obtains a judgment of foreclosure and sale. However, there are various procedural mechanisms a borrower can employ to delay such a sale. Adam Leitman Bailey, P.C. is well-versed in navigating the issues. In a Full Article…
Adam Leitman Bailey, P.C. Wins a Case of First Impression Under FAPA, Protecting its Client’s Mortgage in a Murky Legal Climate for Lender’s Rights
Adam Leitman Bailey, P.C. was retained by a lender to navigate through the ever-changing foreclosure laws and save the lender’s ability to foreclose. The lender’s foreclosure action was commenced in 2017. The lender moved for summary judgment, and the borrower cross-moved to dismiss, arguing that, per the Second Department’s holding in Bank of America, N.A. Full Article…
Adam Leitman Bailey, P.C. Preserves Six Million Dollars In Loans Made by Its Client
When the managing member of three real estate LLCs sought to refinance the existing senior debt, Adam Leitman Bailey, P.C.’s client made loans totaling approximately six million dollars. There was also a mezzanine lender, whose agreement with the holding company for the LLCs, required its written permission for an activity such as a refinance. None Full Article…
Adam Leitman Bailey, P.C. Wins Summary Judgment Despite Attacks on the Servicer’s Limited Power of Attorney and on the Affidavits of Service for the Notices
Adam Leitman Bailey, P.C. was retained by a lender in connection with the foreclosure of a business purpose loan on a residential premises in Suffolk County. Once the firm moved for summary judgment, the defendants argued that the affidavit of a Vice President from the loan servicer and attorney-in-fact to the plaintiff was insufficient to Full Article…
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