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Tax foreclosures implicate not only the interest of the delinquent fee owner, but also the interest of the holder of a mortgage on the fee interest. What happens when the mortgagee does not know about the tax delinquency, the tax foreclosure, or the expiration of the right to redeem the property? The Second Department recently confronted that issue in Matter of East West Bank v. L & L Associates Holding Corp. (NYLJ 11/28/16, p. 24., col. 4), and concluded that further discovery was needed to sort out the competing rights of the mortgagee and the purchaser of the tax lien on the property. Complicating the issue in Matter of East West Bank was the way the mortgagee acquired its interest: The original mortgagee was a failed bank, and the successor mortgagee obtained the mortgage through an assignment from the FDIC.
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The Guaranty Law Continues to Divide Opinion
By Matthew J. Schenker and Joshua Kopelowitz
This article discusses the recent developments surrounding the constitutionality of the Guaranty Law. In particular, we address the Southern District’s view that the statute is unconstitutional and the splintered view of the statute’s constitutionality expressed by New York State courts.
By New York Real Estate Law Reporter Staff
ZBA’s Abandonment of Its Prior Determination Invalid
Denial of Area Variance Upheld
Lease of Town Property Upheld; Property Not Subject to Public Trust
East Side Rezoning Upheld Against SEQRA Challenge
By New York Real Estate Law Reporter Staff
Partial Constructive Eviction Defense Recognized
Condition Precedent to Sub-Sublease Not Satisfied
Guaranty Law Does Not Bar Liquidated Damages Claim
Penalty for Improper Conversion of Residential Building
Force Majeure Clause Reduces Pandemic-Era Rent
By New York Real Estate Law Reporter Staff
Contract Language Does Not Bar Purchaser’s Recovery of Prejudgment Interest
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