Leni Cummins provides insight into a situation that constitutes a clear breach of contract based on the offering plan, which is a contract between the sponsor and buyers, in a Q&A session with CooperatorNews.

A concerned shareholder of a Nassau County co-op is facing significant expenses to rectify building code violations in two apartments and is questioning whether there's recourse against the current property manager who owned the buildings during the 1980s conversion and still serves in that role.

Leni highlights that while shareholders may have individual claims, and the board can assert breach of contract claims, the statute of limitations presents a significant legal hurdle, typically lasting six years from the date of closing for individual shareholders and from the first closing for the board, making such claims unlikely given the elapsed time.

To read the full article, click here.