Avalon L. L. C. v. Coronet Properties Co.

Appellate Division of the Supreme Court of New York

Avalon L. L. C. v. Coronet Properties Co.

243 A.D.2d 307, 664 N.Y.S.2d 521, 1997 N.Y. App. Div. LEXIS 9734

CourtAppellate Division of the Supreme Court of the State of New York

DecidedOctober 14, 1997

StatusPublished

This text of 243 A.D.2d 307 (Avalon L. L. C. v. Coronet Properties Co.) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Avalon L. L. C. v. Coronet Properties Co., 243 A.D.2d 307, 664 N.Y.S.2d 521, 1997 N.Y. App. Div. LEXIS 9734 (N.Y. Ct. App. 1997).

Pincite

Opinion

Order, Supreme Court, New York County (Carol Arber, J.), entered August 1, 1996, which, upon renewal and reargument, granted plaintiffs motion to the extent of substituting Avalon L. L. C., as plaintiff in place of the Manhattan Savings Bank, unanimously modified, on the law, the facts and in the exercise of discretion, to the extent of partially vacating the stay to permit action to proceed against assets of defendant, if any, that are not under the jurisdiction of the Federal Deposit Insurance Corporation (FDIC), and otherwise affirmed, without costs.

Contrary to plaintiffs argument, the mere transfer of inter[308]*308est in the judgment by assignment alone is insufficient to order a levy and Sheriffs sale of specific assets of defendant. The rights, if any, that Avalon acquired in the underlying judgment must be determined in a plenary action. Moreover, triable issues of fact exist as to whether the particular assets sought by plaintiff, i.e., the shares and proprietary leases of three cooperative apartments located at 885 West End Avenue, are under the jurisdiction of the FDIC, pursuant to 12 USC § 1821, as receiver for the now defunct Union Savings Bank. However, Avalon is not barred from seeking enforcement of the judgment against assets of defendant that are not involved in the FDIC litigation.

Contrary to defendant’s argument on its cross appeal, the substitution of Avalon L. L. C. was properly granted. The record clearly demonstrates the transfer of interest and assignment of the judgment from Manhattan Savings Bank, the original plaintiff, to Avalon L. L. C. Concur—Milonas, J. P., Wallach, Williams, Tom and Mazzarelli, JJ. [See, 248 AD2d 269.]

Free access — add to your briefcase to read the full text and ask questions with AI

Order, Supreme Court, New York County (Carol Arber, J.), entered August 1, 1996, which, upon renewal and reargument, granted plaintiffs motion to the extent of substituting Avalon L. L. C., as plaintiff in place of the Manhattan Savings Bank, unanimously modified, on the law, the facts and in the exercise of discretion, to the extent of partially vacating the stay to permit action to proceed against assets of defendant, if any, that are not under the jurisdiction of the Federal Deposit Insurance Corporation (FDIC), and otherwise affirmed, without costs.

Contrary to plaintiffs argument, the mere transfer of inter[308]*308est in the judgment by assignment alone is insufficient to order a levy and Sheriffs sale of specific assets of defendant. The rights, if any, that Avalon acquired in the underlying judgment must be determined in a plenary action. Moreover, triable issues of fact exist as to whether the particular assets sought by plaintiff, i.e., the shares and proprietary leases of three cooperative apartments located at 885 West End Avenue, are under the jurisdiction of the FDIC, pursuant to 12 USC § 1821, as receiver for the now defunct Union Savings Bank. However, Avalon is not barred from seeking enforcement of the judgment against assets of defendant that are not involved in the FDIC litigation.

Contrary to defendant’s argument on its cross appeal, the substitution of Avalon L. L. C. was properly granted. The record clearly demonstrates the transfer of interest and assignment of the judgment from Manhattan Savings Bank, the original plaintiff, to Avalon L. L. C. Concur—Milonas, J. P., Wallach, Williams, Tom and Mazzarelli, JJ. [See, 248 AD2d 269.]

Cite This Page — Counsel Stack

Bluebook (online)

243 A.D.2d 307, 664 N.Y.S.2d 521, 1997 N.Y. App. Div. LEXIS 9734, Counsel Stack Legal Research, https://law.counselstack.com/opinion/avalon-l-l-c-v-coronet-properties-co-nyappdiv-1997.

Opinion

Related

Cite This Page — Counsel Stack