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When a sale follows a municipality’s foreclosure on a tax lien, who is entitled to sale proceeds that exceed the amount of the tax lien? In cases decided over the past year, that issue has generated conflicting decisions. In two cases, the Fourth Department has held that the taxing authority is entitled to retain the entire surplus. More recently, in NYCTL 1997-1 Trust v. Stell, 184 A.D.3d 9, a case in which the taxing authority apparently made no claim to the surplus, the Second Department held that a first mortgagee was entitled to the surplus, rejecting the mortgagor’s claim that the statute of limitations barred the mortgagee’s claim. The issue is whether the surplus money provisions applicable in mortgage foreclosure actions are equally applicable in tax foreclosure proceedings.
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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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