13315 Owners Corp. v. Kennedy, 4 Misc. 3d 931 (2004)

Citation: 13315 Owners Corp. v. Kennedy, 4 Misc. 3d 931 (2004)
Parent Document: 13315 Owners Corp. v. Kennedy, 4 Misc. 3d 931 (2004)
Jurisdiction: New York (state)
Effective Date: 2004-06-29
Original Source: https://www.courtlistener.com/opinion/6305035/13315-owners-corp-v-kennedy/ ↗

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The Court of Appeals in Pullman affirmed the Appellate Division’s summary judgment award to the cooperative corporation, explaining that a court can apply the business judgment rule consistently with RPAPL 711. According to the Court of Appeals, the shareholders’ vote and stated findings are proof of the “competent evidence” that RPAPL 711 (1) requires. (See Pullman, 100 NY2d at 155.) The Court of Appeals envisioned that a court would review under the business judgment rule the competent evidence that is the basis for the shareholder vote. (Id.) This is because “[t]he (Pullman) court concluded that in the realm of co-op governance the vote of the shareholders [is] *938the functional equivalent of competent evidence that would establish to the satisfaction of the court that the tenant [is] objectionable.” (Vincent Di Lorenzo, New York Condominium and Cooperative Law § 11:8, 2003 Pocket Part, at 139 [2d ed].)

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