Legal Question in Real Estate Law in New York
If 43% of coop shares default, how does it financially effect the remaining
57% of share holders in a coop building ?
Asked on 2/06/10, 12:58 pm
1 Answer from Attorneys
Arnold Nager
Arnold H. Nager, Esquire
The remaining shareholders will be responsible for the entire cost. The Board needs to foreclose on the defaulting shareholders.
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Answered on 2/16/10, 4:49 pm