Property Ny Distinctions

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NY Rule Against Perpetuities: Perpetuities Reform Legislation

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NY applies the common law Rule Against Perpetuities tempered by a reform statute

NY REFORM LEGISLATION

Age contingency problem - where an estate would be invalid because it depends on a person attaining or failing to attain an age in excess of 21 years, the age contingency is reduced to 21 years

Administrative contingency problem - where the duration or vesting of an estate is contingent upon the occurance of a specified event, it is presumed that the creator of the estate intended the contingency to occur, if at all, within 21 years from the effective date of the instrument creating the estate

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NY Rule Against Suspension on Alienations: In General (tested with trusts)

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All pieces of fee simple title must be held by ascertainable persons in being within lives in being plus 21 years.

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NY Rule Against Suspension on Alienation: Statutory Spendthrift Exception (tested with trusts)

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If the income beneficiaties are given the power to transfer their beneficial interests, the trust can last beyond lives in being plus 21 years

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NY Rule Against Suspension on Alienation: Unborn Beneficiaries (tested with trusts)

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Suspension rule is violated whenever there is a life estate in trust in an unborn person (or in a class that may possibly include unborn persons)

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NY Tenancy By The Entirety: In General

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A grant by anyone to husband and wife necessarily results in a tenancy by the entirety unless the grantor expressly provides otherwise

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NY Tenancy by the Entirety: Severance

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Termination may only be by voluntary partition, conveyance signed by both parties, or divorce.

There is no severance if one spouse mortgages his interest.

Property can only be reached by joint creditors.

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NY Tenant Duties and Landlord Remedies: Destruction of Premises Without Fault

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Where building is destroyed or becomes untenable and no express agreement to the contrary has been made in writing, the tenet without fault may quit and surrender possession of the leasehold without any firther duty to pay rent.

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NY Assignments and Subleases: Covenants Against Assignment or Sublease - Reasonableness

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Assignments: Unless provided for in the lease, a tenant renting a residence may not assign his lease without written consent of the owner. the landlord may unconditionally withhold consent without cause. The tenents sole remedy is to seek release from the lease. If landlords consent is reasonably withheld, there can be no assignment or release.

Sublets: A tenant in a residential building having four or more units has the right to sublease subject to written consent of the landlord. Consent cannot be unreasonably withheld and if so, will be deemed a consent.

Note: Commericial Leases follow the MS rule.

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NY Adverse Possession: Running of Statute

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By statute in NY, possession for 10 years in the requisite manner will, in and of itself, establish possessor's title to land (If tenants in common, 20 years)

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NY Adverse Posession: Disability

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In NY, in case of disability at the time the cause of action accrued, the applicable statute is tolled until the disability is removed.

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NY Equitable Conversion: Risk of Loss

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NY places the risk on the seller unless the buyer has either legal title or possesion at the time of the loss

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NY Recording: Types of Recording Acts

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NY is a race-notice jurisdiction