Wednesday, January 1, 2014

Northmon Investment Company v. Milford Plaza Associates case brief

Northmon Investment Company v. Milford Plaza Associates case brief summary
727 N.Y.S.2d 419

CASE SYNOPSIS
Appellants, binding partners, sought review of the Supreme Court, New York County (New York), orders finding that the binding partners lacked authority to enter into a 99 year lease of real property, dismissing the binding partners' counterclaims for tortious interference with prospective business relations and breach of fiduciary duty, and denying the binding partners' motion for leave to amend their counterclaims.

CASE FACTS
The case was a dispute between partners concerning the binding partners' authority to enter into a 99 year lease of real property, which constituted the partnership's only asset. The objecting partners sought to prevent the binding partners from entering into the lease.

DISCUSSION

  • The appellate court affirmed, finding that the objecting partners had a right to assert their equal rights in the management and conduct of the partnership business. 
  • The binding partners could not impose their decision to enter into the lease upon the objecting partners. 
  • In addition, because the partnership agreement terminated the partnership years before the contemplated lease would expire, the lease was not in the ordinary course of the partnership's business, and the objecting parties could not have been bound by it.

CONCLUSION
The orders were affirmed.

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