Chappo & Co. v. Allan Riley Co.

Appellate Division of the Supreme Court of New York

Chappo & Co. v. Allan Riley Co.

225 A.D.2d 468, 639 N.Y.2d 383, 639 N.Y.S.2d 383, 1996 N.Y. App. Div. LEXIS 3173

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

DecidedMarch 26, 1996

StatusPublished

Cited by1 cases

This text of 225 A.D.2d 468 (Chappo & Co. v. Allan Riley 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

Chappo & Co. v. Allan Riley Co., 225 A.D.2d 468, 639 N.Y.2d 383, 639 N.Y.S.2d 383, 1996 N.Y. App. Div. LEXIS 3173 (N.Y. Ct. App. 1996).

Pincite

Opinion

Plaintiff, an unlicensed real estate broker, cannot circumvent the licensing requirement of Real Property Law § 442-d by characterizing the loan it allegedly negotiated on defendant’s behalf as a "leasebacked note transaction”. The documentary evidence clearly establishes that a mortgage was the dominant security under the loan allegedly negotiated by plaintiff, and the assignment of rents incidental. Accordingly, the IAS Court properly determined that plaintiff was acting as a real estate broker within the meaning of the statute and had to be licensed as such to maintain this action. Concur — Rosenberger, J. P., Ellerin, Rubin and Nardelli, JJ.

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Plaintiff, an unlicensed real estate broker, cannot circumvent the licensing requirement of Real Property Law § 442-d by characterizing the loan it allegedly negotiated on defendant’s behalf as a "leasebacked note transaction”. The documentary evidence clearly establishes that a mortgage was the dominant security under the loan allegedly negotiated by plaintiff, and the assignment of rents incidental. Accordingly, the IAS Court properly determined that plaintiff was acting as a real estate broker within the meaning of the statute and had to be licensed as such to maintain this action. Concur — Rosenberger, J. P., Ellerin, Rubin and Nardelli, JJ.

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Bluebook (online)

225 A.D.2d 468, 639 N.Y.2d 383, 639 N.Y.S.2d 383, 1996 N.Y. App. Div. LEXIS 3173, Counsel Stack Legal Research, https://law.counselstack.com/opinion/chappo-co-v-allan-riley-co-nyappdiv-1996.

Opinion

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