Co-Ops—Alleged Water Leaks—Mold—Shareholder’s Property Damage Claim Denied—Shareholder Refused to Grant Co-Op Access for Inspection and Repair—Managing Agent Acted for Disclosed Principle and Had No Liability— Business Judgment Rule
A had shareholder commenced a property damage claim against his co-op and the managing agent. The court held that since managing agent had at all times “acted as an agent for a disclosed principle,” it had no liability. The court found that the co-op “at all times was prepared to inspect for damage, investigate its cause and make repairs,” and the plaintiff had “repeatedly refused to allow the cooperative or its professionals to inspect and make repairs, if necessary.” Accordingly, the court dismissed the shareholder’s property damage claim.
