LI Equity Network, LLC v. Village in Woods Owners Corp.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Belen, J.
When the plaintiff, LI Equity Network, LLC, a limited liability company, purchased shares allocated to one of the cooperative units of the defendant Village in the Woods Owners Corp. (hereinafter the defendant) at a nonjudicial foreclosure sale, the plaintiff’s representative agreed to an independent auctioneer’s “Terms of Sale.” These “Terms of Sale” allegedly bound prospective purchasers to the provisions in the defendant cooperative corporation’s governing documents, including the *28proprietary lease and house rules. The cooperative corporation’s governing…
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