Court Decides Case Closely Watched by Real Estate Industry
In their New York Court of Appeals Roundup, Lynn K. Neuner and William T. Russell Jr. discuss 'Princes Point v. Muss Development', in which the Court of Appeals ruled that the filing of a suit to rescind or reform a contact did not under the circumstances constitute an anticipatory breach of that contract.
By Lynn K. Neuner and William T. Russell Jr.|November 14, 2017 at 02:45 PM
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We note that Judge Paul Feinman was sworn in as an Associate Judge of the Court of Appeals on Oct. 18, 2017, bringing the court back up to full strength—although we also note that he took no part in the case we discuss in this month’s column. On October 19, the court issued its opinion in Princes Point v. Muss Development and ruled that the filing of a suit to rescind or reform a contact did not under the circumstances constitute an anticipatory breach of that contract. This was a case closely watched by the real estate industry in New York as the lower court decisions found that a real estate purchaser’s rescission action did constitute an anticipatory breach and, accordingly, created potential issues for prospective buyers who had a good faith basis for seeking to rescind a sale agreement but were concerned about preserving their rights.
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"One mantra which I heard regularly in manufacturing was involve the supplier early in the process.' This is such a simple and obvious idea that the rationale needed no explanation. As a supplier, I always appreciated being involved as early as possible. And so do clients in the legal services relationship."
Scott E. Mollen, a partner at Herrick, Feinstein, discusses "Bistro Shop and Penny Bradley v. N.Y. Park N. Salem, Inc.," where a commercial restaurant tenant was found entitled to rescission where the owner was still doing construction work almost a decade After commencement of the lease.
In their New York Court of Appeals Roundup, William T. Russell Jr. and Lynn K. Neuner analyze an important decision in the residential mortgage-backed securities litigation saga.
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