The general rule in New York is that each party to a lawsuit is responsible for his or her own legal fees. One exception to this is where the parties to a contract include a provision for attorney’s fees in their agreement. This clause typically states that in the event of a dispute, the losing … Read more
Many owners of cooperative (co-op) and condominium apartments serve on the Board of their co-op or condominium association as a way to exercise control over how the building is operated. Often, they assume that if they get sued for their conduct as a Board member, that the co-op or condo will pay the legal fees, … Read more
The New York State Legislature recently enacted a law which requires members of cooperative or condominium boards to disclose any transactions in which they have an interest to all shareholders or unit owners. Both the New York Business Law (with new Section 727) and the New York Not-for-Profit Corporation Law (with new Section 519-a) now … Read more
Most cooperative corporations (“co-ops”) issue House Rules which are generally adopted by the Co-Op Board and must be followed in addition to those obligations set forth in the Proprietary Lease. Co-op owners (or shareholders) are generally provided with a copy of the newly adopted House Rules by the managing agent. Many owners don’t realize that … Read more