Party Whose Property Interest is Recorded After Notice of Pendency is Filed has Constructive Notice of, and is Bound by, Subsequent Proceedings
Commercial Case Notes / Real Property

Party Whose Property Interest is Recorded After Notice of Pendency is Filed has Constructive Notice of, and is Bound by, Subsequent Proceedings

On December 4, 2024, the Second Department issued a decision in Bank of Am., N.A. v. Burton, 2024 NY Slip Op. 06022, holding that a party whose ownership of property is recorded after a notice of pendency is filed has constructive notice of and is bound by subsequent proceedings . . . Continue reading Party Whose Property Interest is Recorded After Notice of Pendency is Filed has Constructive Notice of, and is Bound by, Subsequent Proceedings

Whether Closing Date Set in “Time is of the Essence” Letter Reasonable is a Question of Fact
Commercial Case Notes / Contracts / Real Property

Whether Closing Date Set in “Time is of the Essence” Letter Reasonable is a Question of Fact

On December 4, 2024, the Second Department issued a decision in Fink v. 218 Hamilton, LLC, 2024 NY Slip Op. 06026, holding that whether a closing date set in a “time is of the essence” letter was reasonable was a question of fact . . . Continue reading Whether Closing Date Set in “Time is of the Essence” Letter Reasonable is a Question of Fact

Motion Must be Supported by Business Records, Not Just Records Custodian Affidavit Attesting to Facts in the Records
Commercial Case Notes / Evidence / Real Property / Summary Judgment

Motion Must be Supported by Business Records, Not Just Records Custodian Affidavit Attesting to Facts in the Records

On October 16, 2024, the Second Department issued a decision in Bank of N.Y. v. Levy, 2024 NY Slip Op. 05085, holding that a motion must be supported by business records, not just a records custodian affidavit attesting to the facts in the records . . . Continue reading Motion Must be Supported by Business Records, Not Just Records Custodian Affidavit Attesting to Facts in the Records

Plaintiff in Foreclosure Action Denied Summary Judgment Because of Insufficient Proof That Allonge was Attached to the Note
Commercial Case Notes / Real Property / Summary Judgment

Plaintiff in Foreclosure Action Denied Summary Judgment Because of Insufficient Proof That Allonge was Attached to the Note

On August 21, 2024, the Second Department issued a decision in Lakeview Loan Servicing, LLC v. Florio, 2024 NY Slip Op. 04256, denying plaintiff in a foreclosure action summary judgment because of insufficient proof that the allonge was attached to the note . . . Continue reading Plaintiff in Foreclosure Action Denied Summary Judgment Because of Insufficient Proof That Allonge was Attached to the Note

Yellowstone Injunction Denied Because of Tenant’s Inability to Show That it Could Cure Rent Payment Default
Commercial Case Notes / Real Property

Yellowstone Injunction Denied Because of Tenant’s Inability to Show That it Could Cure Rent Payment Default

On July 10, 2024, Justice Masley of the New York County Commercial Division issued a decision in Wilmington Trust, N.A. v. Elmwood NYT Owner, LLC, 2024 NY Slip Op. 32816(U), denying a Yellowstone injunction because of the tenant’s inability to show that it could cure a rent payment default . . . Continue reading Yellowstone Injunction Denied Because of Tenant’s Inability to Show That it Could Cure Rent Payment Default

Written Contract for Sale or Real Estate Fails to Satisfy Statute of Frauds Because it Lacked Material Non-Price Terms
Commercial Case Notes / Contracts / Real Property

Written Contract for Sale or Real Estate Fails to Satisfy Statute of Frauds Because it Lacked Material Non-Price Terms

On August 7, 2024, the Second Department issued a decision in South Shore Estates, Inc. v. Guy Friedman Realty Corp., 2024 NY Slip Op. 04156, holding that a written contract for the sale of real estate nonetheless failed to satisfy the statute of frauds because it lacked material non-price terms . . . Continue reading Written Contract for Sale or Real Estate Fails to Satisfy Statute of Frauds Because it Lacked Material Non-Price Terms

Buyer Who Had No Reason to Think Deed Was Not Valid Was Good Faith Purchaser
Commercial Case Notes / Real Property

Buyer Who Had No Reason to Think Deed Was Not Valid Was Good Faith Purchaser

On July 25, 2024, Justice Ruchelsman of the Kings County Commercial Division issued a decision in Pfanner v. Anderson, 2024 NY Slip Op. 32576(U), holding that a buyer who had no reason to think a deed was not valid was a good faith purchaser and was entitled to possession of the property . . . Continue reading Buyer Who Had No Reason to Think Deed Was Not Valid Was Good Faith Purchaser