Since the Legislature gave birth to the first cooperative and condominium laws, very few issues have had as much attention and confusion as boards’ concerns about the extent of unit owners’ access to inspect the management books and records. Regarding cooperative buildings, many of the most prominent questions regarding these little governments have been answered. On the other hand, condominiums have been left without law or a statute to handle these questions and many times, all out civil wars ensue. Just this year, the Appellate Division, First Department handed down its first decision on the subject, albeit limited to its facts. This article will analyze the state of the law and attempt to provide guidance to the practitioner and members of boards of directors.
The Right of Analysis
Although the law on shareholders inspection rights is more developed than that of condominiums, there are still issues that arise as to the extent of books and records that shareholders are entitled to inspect.
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