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In a case of first impression, and after it decided public policy would not be offended, New York’s Appellate Division, Second Department, decided earlier this year that commercial tenants may contractually waive the right to seek a Yellowstone injunction in 159 MP Corp. v. Redbridge Bedford, 160 A.D.3d 176 (N.Y. App. Div., 2nd Dep’t, 1/31/18). A Yellowstone injunction is derived from the 1968 New York high court case of First National Stores v. Yellowstone Shopping Center, 21 N.Y.2d 630, and it is actually a temporary restraining order (TRO) that preserves the status quo, preventing the landlord from evicting the tenant during the pendency of judicial proceedings concerning the underlying issues between the parties.
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By Janice G. Inman
Is a property leased to a farming tenant a commercial property or an agricultural property? What about a building leased to a government entity? The distinction can make a difference in the tax laws that apply to the parcel.
By Andrew Dector
When members of the military are be called into action, the impact could be felt right here at home by our commercial landlords, especially those whose tenants are composed of businesses owned or operated by a sole proprietor, or an owner with one or two employees.
By Theresa A. Driscoll
Lessors who repossess property immediately prior to a lessee bankruptcy filing may be required to return such property or face sanctions by the bankruptcy court. Federal courts are currently split on the issue of whether the lessor must voluntary surrender property seized pre-petition or may hold such property until the debtor obtains an order of turnover.
By Mathew B. Tully and Barry Crushell
Proper planning and the ability to pivot will help American companies with UK, EU commercial property interests.