Vig v. Deka Realty Corp

In Vig v. Deka Realty Corp., 143 A.D.2d 185 (2nd Dept. 1988) the corporation involved was a real estate corporation, the purpose of which included buying and selling of real property. In addition, the parcel in question was the only significant asset owned by the corporation, the business of which, as actually conducted, was the management, rather than the purchase and sale, of real property. Under the circumstances, the Second Department held, the sale of the asset was not in the regular course of business, thus requiring approval of 2/3 of the corporation's shareholders pursuant to Business Law 909(a).