Westchester Coop Boards have new law to deal with. The parade of horrible litigation over rejections could result. A minefield of legal complication for boards and management to navigate.
The new local law amendment requires boards to provide a notice of rejection to the Westchester County Human Rights Commission with 15 days of notifying prospective buyers of a denial. It also requires coop boards to disclose their minimum financial requirements to potential buyers.
Cooperative and condominium boards often have inside information about real[...]
The well established business judgment rule provides that a court should defer to a cooperative board’s determination “[s]o long as the board acts for[...]
Condominium and HOA boards in New York have lien foreclosure[...]
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