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Posner v. Post Road Development Equity – Case Brief Summary (New York)

In Posner v. Post Road Development Equity, 253 A.D.2d 866 (2d Dept. 1998) the Second Department held that a real estate entity's conveyance of the single piece of property it owned (a rental building) did not require shareholders' approval pursuant to Business Law § 909(a).

The conveyance was deemed made within the usual or regular course of business actually conducted by the corporation because it did not result in the termination of the business by the corporation. The corporation retained a valuable lease interest in a second parcel of land (rental property) of comparable size and location.