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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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When Is A Pretext By A Municipality A Bar To Land Use Approvals?
By Steven M. Silverberg
Recently, there have been several instances in which municipalities have been challenged by property owners claiming that the municipal boards have utilized delaying tactics and other actions as a pretext to prevent development of their properties.
By New York Real Estate Law Reporter Staff
Housing Discrimination Claim Dismissed
Co-Op Did Not Breach Shareholder’s Guaranty Agreement
Co-Op Not Exempt from Lead Paint Mandate
By New York Real Estate Law Reporter Staff
Environmental Group Has Standing But Loses On the Merits of Challenge to Subdivision Approval
Applicant Entitled to Permit For Small Wireless Facilities
By New York Real Estate Law Reporter Staff
Occupation of Premises Does Not Establish Assignment By Operation of Law
Amendment to Rent Stabilization Law Is Not Unconstitutional