Wednesday, January 20, 2016

New York Appeals Court Confirms Condominium Lien is a Continuing Lien

Don't Leave Money Behind
In a recent decision, the Appellate Division, First Department confirmed that a condominium claim of lien is, in fact, a continuing lien.   Why is this significant? Typically, the time frame between the recording of a lien for past due maintenance fees and the commencement of a lien foreclosure action could be several months or sometimes longer.  Since condominium maintenance fees and late charges continue to accrue each month, the amount due on the lien increases.

According to the decision in Board of Managers of Netherlands Condominium v. Trencher, 128 A.D.3d 452, 9 N.Y.S.3d 213 (1st Dept. 2015), in a foreclosure, the condominium association is entitled to recover all the charges and fees that have accrued since the recoding of the lien and not only  the amount stated to be due in the lien.

No comments:

Post a Comment

Fear Not the Dreaded Legal Fees: Part Two

BY:  ANGELA M. MORISCO, ESQ. Very often boards of condominiums and other community associations hesitate to engage in litigation ag...