HABITAT
The "Inter Vivos" Issue: Gifting Yourself Doesn't Avoid Co-op Transfer Rules
Written by Richard Siegler and Dale J. Degenshein on October 04, 2012
Theodore Xenakis bought shares of 50 Sutton Place South Owners Corp. and was the proprietary lessee of Apartment 6J. In August 1980, he purported to transfer the shares and assign the lease to Cia. Naviera Financiera Aries, a Panamanian corporation. Xenakis never told that co-op board he had transferred the shares and lease.
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