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If a tenant lives in a -lama apartment gives up the

If a tenant lives in...
If a tenant lives in a Mitchell-lama apartment gives up the apartment, and has 2 other siblings that are legally supposed to share the stock certificate equity asset value, can the tenant share the stock certificate equity asset value?
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Answered in 13 hours by:
9/23/2017
Law Educator, Esq.
Category: Landlord-Tenant
Satisfied Customers: 125,954
Experience: Attorney with over 24 years experience.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Is the tenant's name on the stock certificate as well?

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Customer reply replied 10 months ago
My deceased parents are on the stock certificate and I am the executrrix / trustee. Mitchell-lama wants me to put her name on the stock certificate( only she lives there) . My parents' will stipulates that all 3 beneficiaries should share the estate and that my sister's share should go into a special needs trust ( she is mentally ill).
Customer reply replied 10 months ago
Are you familiar with Mitchell/Lama Laws in New York City?

Thank you for your reply.

In general, When the sole shareholder of the New York Mitchell-Lama co-op apartment passes away, the estate must advise the co-op board or entity in charge of running the building of the death of the decedent in writing and turn over the shares. The estate cannot sell the unit or transfer shares of the unit directly. The estate must remove any personal property from the apartment. The entity running the building is required to find a purchaser to sell the unit to from their waiting list. The estate is responsible for any carrying charges for up to 90 days after surrendering the apartment or until the transfer of the shares to a new owner has taken place, whichever occurs first. The sale proceeds are limited to what the decedent paid for the unit, plus any capital assessments and possibly any mortgage amortization depending on the particular co-op’s rules and policies.

If your sister has been tenant for at least 2 years, she has rights to remain in the apartment and have the shares placed into her name. However, under Mitchell Lama rules, if there are non-residents/tenants they cannot inherit the shares to the premises, even if the will says share the estate, this is not capable of being share because state laws say in order for someone to have inheritance rights under Mitchell Lama, the person must have been a tenant of the premises for at least two years before the death of the owner.

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Customer reply replied 10 months ago
I will give you five stars. First, please complete your answer by telling me what happens to the stock certificate value? The executor will turn over the shares, which my parents paid $10,000 for. The stock certificate value doubled to $20,000. That's how much should be divided 3 ways, say, if my sister, the current tenant has to go into a home. That is what my parents' will says, and it would be my fiduciary responsibility to do. Is this consistent with Mitchell-Lama law?

Thank you for your reply

The value of the stock certificate goes to the tenant who is entitled to inherit under the Mitchell Lama rules. The other heirs cannot make claim to that stock certificate because of the ML rules preventing them from getting on the certificate. So your sibling who is residing there gets that property and her name goes on the deed. Then in the event of sale of the property it can only be sold for the amounts stated above and that would be what your sister as stockholder could get for the certificate

It does not matter the will claims you should divide everything equally, but the law says this stock certificate cannot be divided that way. So your sister gets that and in exchange you and your other sibling would take your share of the value of the apartment out of some other assets so you are still getting an equal share just not of the apartment.

You cannot enforce a will provision that is not legal, so you are honoring your fiduciary responsibility giving your sister the apartment and if it is worth $20,000 now, then that would be about $6666 per person and you and your other sibling would have to seek to take that out of other property in the estate because the law says you cannot get it out of that once her name is ***** ***** certificate.

Law Educator, Esq.
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