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"I think that the judge took a very black and white interpretation of the Martin Act," said real estate lawyer, Adam Leitman Bailey, of the law that prevents tenant eviction after a building's conversion has received attorney general approval.
Both genres fall under the jurisdiction of the Martin Act, the state law governing securities issues, but the similarities end there.
Her tenancy was and always had been subject to the Rent Stabilization Law Respondent argued in part that despite cessation of the building's status as a co-op, her "Martin Act" protection against eviction as a nonpurchasing tenant still applied.
Tenants moved to dismiss the proceedings, arguing that they are conisidered "non-purchasing tenants" as defined in the "Martin Act" and are thus protected from eviction.
1), Judge Marc Finkelstein granted eviction protection to a tenant who rented an apartment in a building after its conversion to a cooperative as a "non-purchasing tenant" under provisions of the Martin Act.
A tenant who rented an unsold unit in a building after its conversion to a cooperative was granted eviction protection in Kings County Housing Court as a "non-purchasing tenant" under provisions of the Martin Act.
"Every single one of us has always assumed that anyone that rents from a sponsor does not acquire any rights under the Martin Act," said Stuart M.
The Attorney General has established the Martin Act Task Force, which is currently examining issues relating to conversion.
* Allowing shareholders the right to sue under the Martin Act. (As the Martin Act currently stands, only the attorney general has the right of action.)
He pointed to the state's Martin Act, which specifically provides for non-- eviction cooperative plans, saying the tenant is entitled to rely on that Act.
"This sends a very powerful message to sponsors and the industry," Mehlman said, "that their responsibilities are taken seriously and that the Attorney General will enforce the Martin Act civilly or criminally."
"The decision says the RTC does not have the unbridled authority to override the state's rights under either the state rent regulatory laws or the Martin Act and-Judge Carter made that clear," Mehlman added.