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APPLETON v. NATIONAL HOUS.

10 N.Y.3d 250 (2008)

886 N.E.2d 144

856 N.Y.S.2d 522

APPLETON ACQUISITION, LLC, et al., Appellants, v. NATIONAL HOUSING PARTNERSHIP et al., Respondents.

Court of Appeals of the State of New York.

Decided March 18, 2008.

Attorney(s) appearing for the Case

Herrick, Feinstein LLP, New York City (Milton Mollen, John R. Goldman and Grant R. Cornehls of counsel), for appellants.

Alston & Bird LLP, New York City (John F. Cambria and Craig H. Kuglar of counsel), for respondents.

Judges READ, SMITH and PIGOTT concur with Judge GRAFFEO; Judge CIPARICK dissents in part and votes to reinstate the fourth and fifth causes of action in a separate opinion in which Chief Judge KAYE and Judge JONES concur.

OPINION OF THE COURT

GRAFFEO, J.

When a limited partnership merges with another entity, Partnership Law § 121-1102 grants limited partners the right to receive the fair market value of their partnership interests. The primary issue in this case is whether the statute allows a challenge by a limited partner to be brought in an action for rescission or money damages on the grounds that the transaction...

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