Legal Opinion
NYCTL 1996-1 Trust v. Nuthree Inc.
New York Supreme Court
Decided December 18, 2007Published
1Opinion of the Court
OPINION OF THE COURT
Dianne T. Renwick, J.
Nuthree Inc. brings this proceeding seeking an order directing the New York State Comptroller to release certain funds which had been turned over to the Comptroller as abandoned property. A dispositive issue raised by this proceeding is whether an inactive corporation can make a claim as the owner of equity of redemption for abandoned funds that constituted surplus money arising from a foreclosure sale of the property that belonged to the inactive corporation.
Factual Background
In 1999, NYCTL 1996-1 Trust, the beneficial owner of a real property tax…
2Cases cited8 opinions
- Friar v. Vanguard Holding Corp.Appellate Division of the Supreme Court of the State of New York · 1986
- Babu v. 29 Cortlandt St. Realty Corp.Appellate Division of the Supreme Court of the State of New York · 2001
- Igbara Realty Corp. v. New York Property Insurance Underwriting Ass'nAppellate Division of the Supreme Court of the State of New York · 1983
- Park Realty Corp. v. Hydrania, Inc.Appellate Division of the Supreme Court of the State of New York · 2005
- O. G. Orr & Co. v. Fireman's Fund InsuranceAppellate Division of the Supreme Court of the State of New York · 1932
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