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Legislature Modifies HSTPA to Assist Co-ops
Two years ago, on June 14, 2019, New York lawmakers approved, and Governor Cuomo signed into law, the "Housing Stability and Tenant Protection Act of 2019" (the Act), which contained a series of laws affecting all rentals within the State of New York. The Act was intended to provide safeguards and additional protections to tenants in rental properties. As we had previously predicted, among its many sweeping changes, the Act had an unintended and profound impact on the thousands of cooperative corporations located in New York. Boards of directors and their managing agents were also forced to deal with the uncertainty of many of the Act's provisions, often erring on the side of inaction. However, on June 10, 2021, New York's lawmakers approved amendments to the Act, exempting cooperative corporations from some of the most onerous provisions, and clarifying others. Once the new legislation is signed into law by the Governor, it will not only be a huge victory for the thousands of cooperative apartment buildings but also for many potential purchasers who were unable to purchase in those buildings as a result of the Act.
Cooperative corporations, unlike condominiums, rely on a landlord-tenant relationship under a proprietary lease (which governs the occupancy of the apartment). As a result, boards of directors are considered landlords and purchaser-shareholders are considered tenants, though, in each case, not in the traditional sense. Cooperative corporations are also not set up as a for-profit business, rather they are private housing corporations intended generally for occupancy by its shareholders and are governed by a proprietary lease and by-laws which sets forth the rights of each party and terms of governance.
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Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.