Michaels v. Chemical Bank

OPINION OF THE COURT

Martin Evans, J.

In this action for a permanent injunction and damages arising from defendant’s alleged conversion of the shares evidencing plaintiff’s interest in a co-operative residential apartment, plaintiff seeks injunctive relief against defendant’s sale of such shares. The motion presents a question of first impression: Does the 1977 expansion of the homestead exemption to co-operatives nevertheless permit a judgment creditor to satisfy a judgment against the apartment of a guarantor of a debt contracted before the effective date of the amendment, but where the…