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HERBERT v. SCHODACK EXIT TEN, LLC

515813.

107 A.D.3d 1119 (2013)

966 N.Y.S.2d 594

2013 NY Slip Op 4083

FRANCIS HERBERT et al., as Cotrustees of the JOHN P. BAYLY CREDIT SHELTER TRUST, Appellants, v. SCHODACK EXIT TEN, LLC, et al., Respondents.

Appellate Division of the Supreme Court of New York, Third Department.

Decided June 6, 2013.

Lahtinen, J.

Defendant Schodack Exit Ten, LLC (hereinafter SET) and British American Development Corporation (hereinafter BADC) entered into a joint venture with equal shares of B.A. Capital Corporate Campus, LLC (hereinafter BACCC), which they formed in 2000 to commercially develop a 106-acre parcel owned by SET. BACCC's operating agreement provided that SET would contribute land and improvements, whereas BADC would market and manage the development. The agreement...

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