Mar 1, 2017

Cooperative Transfers to Family Members

Cooperative Building

Cooperative Directors and Managers: The New York Court of Appeals recently issued its decision in the case of Del Terzo v. 33 Fifth Avenue, which had been moving through the New York courts for four and a half years. The decision is significant because it establishes statewide limitations on the exercise of board discretion in many cooperatives insofar as reviewing the applications of family members to acquire apartments following the death of a lessee. At issue in Del Terzo was the application of a proprietary lease provision providing that after the death of the lessee “consent shall not be unreasonably… Read more


Dec 2, 2008

Insurance:­ Prompt Notice of Claims

Water Damage

We have frequently reminded clients of the importance of promptly notifying their insurers of any actual, threatened or possible claims against them.  This has been especially important in New York because the New York Court of Appeals has held that an insurer may deny coverage due to late notification, regardless of whether the delay actually prejudiced the insurer.   During its 231st session, the New York State Legislature attempted to overrule this case law through legislation.   Under an amendment to Section 3420 of the New York Insurance Law, an insurer may now no longer deny a claim for untimely notice unless… Read more