Summary
In Buffalo Seminary v McCarthy (58 N.Y.2d 867, affg for reasons stated in Parts I and II of opn at 86 A.D.2d 435) the Court of Appeals held that whatever the rule may have been previously, the rule against remote vesting in the present statute will be applied to invalidate an option to purchase real property if it is exercisable beyond the statutory period.
Summary of this case from Symphony Space v. PergolaOpinion
Argued January 12, 1983
Decided February 10, 1983
Appeal from the Appellate Division of the Supreme Court in the Fourth Judicial Department, M. Dolores Denman, J.
Jerrold S. Brown for appellant.
Timothy A. McCarthy for respondents.
Order affirmed, with costs, for the reasons stated in Parts I and II of the opinion by Justice STEWART F. HANCOCK, JR., at the Appellate Division ( 86 A.D.2d 435).
Concur: Chief Judge COOKE and Judges JASEN, JONES, WACHTLER, FUCHSBERG and MEYER. Taking no part: Judge SIMONS.