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"The lenders must agree because the conversion would destroy their collateral," he said, referring to the co-op shares and the proprietary lease.
Electricity trading is a riddle to outsiders, given its complexity and the proprietary models that each company uses to value its trades.
Aaron Shmulewitz, a Manhattan co-op lawyer, said these documents include the certificate of incorporation, the co-op bylaws and the proprietary lease.
He said that under New York law, a sublet fee would not be permitted unless the bylaws and the proprietary lease contain specific authorization.
Once the co-op has obtained the judgment, he said, it may proceed with a sale of the shares and the proprietary lease that go with the apartment.
With a loan secured by personal property — like co-op shares and the proprietary lease to a specific apartment — a lien known as a UCC-1 Financing Statement is filed.
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Three private individuals Robert Troup, Thomas L. Ogden, and Benjamin W. Rogers obtained the proprietary and preemptive rights from Massachusetts.
Going to market rate would require that Morningside Gardens' bylaws and possibly the proprietary lease be amended and then submitted to the entire body of shareholders for a vote.
In one pointed scene, Judy turns on the audience, reversing the "gaze" and challenging the proprietary fantasies of the male spectators.
She noticed Brenner, and he nodded and introduced himself, again using the proprietary and possessive tone when saying that Walling was his partner.
Note: Swellex, Split set and Williams are the proprietary names of Atlas Copco, International Roll Forms, Inc. and Williams Form Engineering Corp ,respectively.
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