Grenville Owner's Corp. v. Hanglow

Appellate Division of the Supreme Court of New York

Grenville Owner's Corp. v. Hanglow

240 A.D.2d 323, 658 N.Y.S.2d 627, 1997 N.Y. App. Div. LEXIS 6756

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

DecidedJune 24, 1997

StatusPublished

This text of 240 A.D.2d 323 (Grenville Owner's Corp. v. Hanglow) 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

Grenville Owner's Corp. v. Hanglow, 240 A.D.2d 323, 658 N.Y.S.2d 627, 1997 N.Y. App. Div. LEXIS 6756 (N.Y. Ct. App. 1997).

Pincite

Opinion

Judgment, Supreme Court, New York County (Stuart Cohen, J.), entered October 21, 1996, dismissing the complaint, and bringing up for review an order, entered October 10, 1996, which granted defendants’ motion for summary judgment dismissing the complaint and for summary judgment as to liability on their claims for indemnification, unanimously affirmed, with costs.

This action by a cooperative housing corporation against its former directors for misappropriation of corporate funds was properly dismissed on the ground that plaintiff cannot repudiate the releases it gave its former directors in connection with the settlement of the mortgage foreclosure action that plaintiff’s present principal had brought against it, having accepted all the benefits given to it under the settlement even after discovery of the alleged fraud that it claims vitiates the releases (see, Clearview Concrete Prods. Corp. v S. Charles Gherardi, Inc., 88 AD2d 461, 466), and even now continuing to reaffirm the settlement. Having prevailed in the action, defendants are entitled to indemnification for their reasonable expenses under plaintiff’s by-laws (Business Corporation Law § 723 [a]). Concur—Sullivan, J. P., Milonas, Williams and Tom, JJ.

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Judgment, Supreme Court, New York County (Stuart Cohen, J.), entered October 21, 1996, dismissing the complaint, and bringing up for review an order, entered October 10, 1996, which granted defendants’ motion for summary judgment dismissing the complaint and for summary judgment as to liability on their claims for indemnification, unanimously affirmed, with costs.

This action by a cooperative housing corporation against its former directors for misappropriation of corporate funds was properly dismissed on the ground that plaintiff cannot repudiate the releases it gave its former directors in connection with the settlement of the mortgage foreclosure action that plaintiff’s present principal had brought against it, having accepted all the benefits given to it under the settlement even after discovery of the alleged fraud that it claims vitiates the releases (see, Clearview Concrete Prods. Corp. v S. Charles Gherardi, Inc., 88 AD2d 461, 466), and even now continuing to reaffirm the settlement. Having prevailed in the action, defendants are entitled to indemnification for their reasonable expenses under plaintiff’s by-laws (Business Corporation Law § 723 [a]). Concur—Sullivan, J. P., Milonas, Williams and Tom, JJ.

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Bluebook (online)

240 A.D.2d 323, 658 N.Y.S.2d 627, 1997 N.Y. App. Div. LEXIS 6756, Counsel Stack Legal Research, https://law.counselstack.com/opinion/grenville-owners-corp-v-hanglow-nyappdiv-1997.

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