Can a co-op shareholder legally request the list of delinquent maintenence shareholders?

A shareholder who is an absentee shareholder and landlord of several units is requesting a list of those shareholders who are delinquent in payment of their maintenece fees. The Board of Directors is reluctant to relinquish this list to him for fear of fallout from late payors.

Asked on July 2, 2009 under Real Estate Law, New York

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

It sounds like the Board is in the middle here.  If they refuse to release the list, the shareholder asking for it might sue; if the list is released, they might get sued by the shareholders on the list.  It's time to ask an attorney for advice, based on all of the facts, including the co-op documents and any privacy policy the Board might have adopted.  If you're going to get sued no matter what, pick the lawsuit you have the best chance of winning.  One place to find a lawyer to deal with this is our website, http://attorneypages.com

A co-op shareholder has a right to a certain amount of information about the co-op's finances.  Whether that right goes this far, I don't know.

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

It sounds like the Board is in the middle here.  If they refuse to release the list, the shareholder asking for it might sue; if the list is released, they might get sued by the shareholders on the list.  It's time to ask an attorney for advice, based on all of the facts, including the co-op documents and any privacy policy the Board might have adopted.  If you're going to get sued no matter what, pick the lawsuit you have the best chance of winning.  One place to find a lawyer to deal with this is our website, http://attorneypages.com

A co-op shareholder has a right to a certain amount of information about the co-op's finances.  Whether that right goes this far, I don't know.


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