Cozen O’Connor: Cooperatives Authorized to Use Business Judgment Rule In Terminating Leases [New York State Bar Association Journal]

Cooperatives Authorized to Use Business Judgment Rule In Terminating Leases [New York State Bar Association Journal]

Efforts by the board of a cooperative building to terminate the proprietary lease of a tenant-shareholder have traditionally been a costly and protracted process. A decision by the Court of Appeals in May appears to have removed some of the obstacles, but it is likely to raise new questions about the overall policies that govern the operations of any cooperative, as well as the certainty of tenant-shareholders' possessory rights under the proprietary losses.

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Menachem J. Kastner

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