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Cooperatives & Condominiums
Right to Surrender Parking Space Shares
North Shore Towers Apartments, Inc. v. Three Towers Associates
NYLJ 8/14/17, p. 19, col. 1
AppDiv, Second Dept.
(memorandum opinion)
In co-op corporation's action against sponsor for a determination that sponsor's purported surrender of shares representing unsold parking spaces is invalid, sponsor appealed from Supreme Court's award of summary judgment to the co-op corporation. The Appellate Division reversed and remanded, concluding that the controlling documents were ambiguous about the sponsor's right to surrender the parking space shares without also surrendering the shares of the associated apartment.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
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