N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1727-8.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 1727-8.3 - Special succession provisions in the event of the death of a tenant/cooperator

(a) Where a tenant/cooperator has died, the lease and the shares of stock for such decedent's apartment shall be surrendered by the decedent's estate or survivors for redemption. The housing company upon written request received from any member of such tenant's or cooperator's family who has resided with the tenant or cooperator in the dwelling unit as a primary residence and pursuant to the provisions of this section and the Private Housing Finance Law, shall sell or transfer the shares and the lease to the family member as set forth in this section.

(b) In the event that there is a legal dispute involving the rightful ownership of the stock, pending a determination thereof by an appropriate tribunal or court of law, such family member as set forth in this section shall continue to be permitted to reside in the apartment.

(c) If the appropriate tribunal shall determine that someone other than such family member as set forth in this section is entitled to the ownership of the stock then, upon presentation of a court order or other valid evidence, such new owner shall be permitted solely to surrender the stock to the housing company for redemption pursuant to the applicable provisions of the Private Housing Finance Law. In such event, such family member as set forth in this section in occupancy shall be afforded a reasonable opportunity to purchase the stock from the housing company for the price as authorized pursuant to the statute and regulations.

N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1727-8.3