Legal Opinion
Symphony Space, Inc. v. Pergola Properties, Inc.
New York Court of Appeals
Decided June 13, 1996PublishedCited by 44 opinions
1Opinion of the Court
OPINION OF THE COURT
Chief Judge Kaye.
This case presents the novel question whether options to purchase commercial property are exempt from the prohibition against remote vesting embodied in New York’s Rule against Perpetuities (EPTL 9-1.1 [b]). Because an exception for commercial options finds no support in our law, we decline to exempt all commercial option agreements from the statutory Rule against Perpetuities.
Here, we agree with the trial court and Appellate Division that the option defendants seek to enforce violates the statutory prohibition against remote vesting and is therefore…
2Cases cited15 opinions
- Rudman v. Cowles Communications, Inc.New York Court of Appeals · 1972
- Gould v. Board of EducationNew York Court of Appeals · 1993
- Metropolitan Transportation Authority v. Bruken Realty Corp.New York Court of Appeals · 1986
- De Peyster v. . MichaelNew York Court of Appeals · 1852
- Mercury Machine Importing Corp. v. City of New YorkNew York Court of Appeals · 1957
10 more not listed; retrieve them via the Exa API.
3Cited by44 opinions
- Jarecki v. Shung Moo LouieNew York Court of Appeals · 2001
- Dillon v. U-A Columbia Cablevision of Westchester, Inc.Appellate Division of the Supreme Court of the State of New York · 2002
- Weissman v. Bondy & SchlossAppellate Division of the Supreme Court of the State of New York · 1997
- Bleecker Street Tenants Corp. v. Bleeker Jones LLCNew York Court of Appeals · 2011
- Bleecker Street Tenants Corp. v. Bleeker Jones LLCAppellate Division of the Supreme Court of the State of New York · 2009
39 more not listed; retrieve them via the Exa API.