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Blog / 05.05.26 /Vanity Muniz
Back Rent Treated as Consumer Debt Subject to 2% Post-Judgment Interest
Instead of the traditional 9% statutory rate, New York courts are beginning to apply a 2% post-judgment interest rate to judgments for residential rent arrears, following guidance from the Office of Court Administration (“OCA”). On April 22, 2024, OCA issued a memorandum to all New York State judges regarding the Fair Consumer Judgment Interest Act …
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Blog / 10.06.23 /Vanity Muniz
Co-op Board Options for Collecting Arrears in Estate Defaults
A shareholder dies and no one comes forward to claim their apartment. Before long, outstanding monthly rent has accrued and the apartment is now in significant arrears. What are the Board’s options for collecting arrears when a situation like this occurs? When a shareholder dies, the proprietary lease does not die with him/her. In fact, …
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