Legal Opinion
Nantista v. 130 West 86 Apartments Corp.
Civil Court of the City of New York
Decided December 12, 1985PublishedCited by 3 opinions
1Opinion of the Court
OPINION OF THE COURT
Edward H. Lehner, J.
The main legal issue presented on this motion to dismiss and for summary judgment is whether the shareholders of a cooperative corporation may, by ratifying the board of directors’ prior ineffective resolution to enact a stock transfer fee (flip tax), retroactively impose the fee where the contract to assign the shares was entered into and board approval for the sale was requested before the ratification.
This court holds, based upon general principles of common law, that it may not.
Plaintiff is the former proprietary lessee and shareholder who seeks to…
2Cases cited9 opinions
- Holm v. C.M.P. Sheet Metal, Inc.Appellate Division of the Supreme Court of the State of New York · 1982
- Zuckerman v. 33072 Owners Corp.Appellate Division of the Supreme Court of the State of New York · 1983
- People Ex Rel. Goldschmidt v. . Bd. of EducationNew York Court of Appeals · 1916
- Brennan v. Breezy Point Cooperative, Inc.New York Court of Appeals · 1984
- Berglund v. 411 East 57th Corp.Civil Court of the City of New York · 1984
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3Cited by3 opinions
- Massachusetts Municipal Wholesale Electric Co. v. Town of DanversMassachusetts Supreme Judicial Court · 1991
- MASSACHUSETTS MUNICIPAL WHOLESALE ELECTRIC v. DanversMassachusetts Supreme Judicial Court · 1991
- Zilberfein v. Palmer Terrace Cooperative, Inc.Appellate Division of the Supreme Court of the State of New York · 2005