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ALH PROPS v. 306-100 ST CORP

191 A.D.2d 1 (1993)

ALH Properties Ten, Inc., et al., Respondents, v. 306-100th Street Owners Corp., Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

June 29, 1993

Attorney(s) appearing for the Case

Eric B. Levine of counsel, New York City (Frederick K. Mehlman and Stuart M. Saft with him on the brief; Wolf Haldenstein Adler Freeman & Herz, attorneys), for appellant.

Robert A. Wolf of counsel, New York City (Kenneth H. Amorello with him on the brief; Robinson Silverman Pearce Aronsohn & Berman, attorneys), for respondents.

MILONAS, J. P., ROSENBERGER and WALLACH, JJ., concur.

Ross, J.

The primary issue presented by this appeal concerns the viability and extent of a cooperative corporation's lien (for obligations other than maintenance), upon the unsold shares retained by the sponsor, where the sponsor's shares have been pledged to a lender to secure a loan, and then subsequently purchased at a foreclosure sale. The Court at IAS concluded that, while the cooperative corporation's lien...

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