Northmon Investment Company v. Milford Plaza Associates
Supreme Court of New York, Appellate Division
727 N.Y.S.2d 419
Milford Plaza Associates (Milford) (plaintiff) and Northmon Investment Company (Northmon) (defendant) were partners in a partnership which owned a parcel of real property and no other assets. Milford sought to commit the partnership to a 99-year lease of the property. Northmon objected but Milford was intent on proceeding. The partnership agreement set a partnership termination date of 2075, years before the proposed 99-year lease would end. Northmon sued Milford to block Milford from entering into the lease, arguing that Milford lacked the authority to do so. The trial court found Northmon’s favor, and Milford appealed.
Rule of Law
Holding and Reasoning (Sullivan, P.J.)