Grove Hill Realty Co. v. Ferncliff Cemetery Ass'n

In 1910 Grove Hill Realty Company conveyed certain lands to Ferncliff Cemetery Association to be used for cemetery purposes, in consideration of which Ferncliff agreed to pay Grove Hill one half of the selling price of the burial plots sold by Ferncliff. Ferncliff has made payments to Grove Hill as agreed since that time. The Cemetery Board of the State of New York has advised Ferncliff that by reason of the provisions of subdivision 2 of section 87 of the Membership Corporations Law (as amd. by L. 1949, ch. 533) there must first be deducted from the proceeds of the sale of each plot 25% for…