Don't Leave Money Behind
In a recent decision, the Appellate Division, First Department confirmed that a condominium claim of lien is, in fact, a continuing lien. Why is this significant? Typically, the time frame between the recording of a lien for past due maintenance fees and the commencement of a lien foreclosure action could be several months or sometimes longer. Since condominium maintenance fees and late charges continue to accrue each month, the amount due on the lien increases.
According to the decision in Board of Managers of Netherlands Condominium v. Trencher, 128 A.D.3d 452, 9 N.Y.S.3d 213 (1st Dept. 2015), in a foreclosure, the condominium association is entitled to recover all the charges and fees that have accrued since the recoding of the lien and not only the amount stated to be due in the lien.
In a recent decision, the Appellate Division, First Department confirmed that a condominium claim of lien is, in fact, a continuing lien. Why is this significant? Typically, the time frame between the recording of a lien for past due maintenance fees and the commencement of a lien foreclosure action could be several months or sometimes longer. Since condominium maintenance fees and late charges continue to accrue each month, the amount due on the lien increases.
According to the decision in Board of Managers of Netherlands Condominium v. Trencher, 128 A.D.3d 452, 9 N.Y.S.3d 213 (1st Dept. 2015), in a foreclosure, the condominium association is entitled to recover all the charges and fees that have accrued since the recoding of the lien and not only the amount stated to be due in the lien.
