Practice point: There is a presumption that a tenant in common in possession holds the property for the benefit of the cotenant, pursuant to Real Property Actions and Proceedings Law § 541.
Students should note that the presumption ceases only after 10 years exclusive occupancy or upon ouster.
Case: Bank of Am., N.A. v. 414 Midland Ave. Assoc., LLC, NY Slip Op 08053 (2d Dept. 2010)
Here is the decision.
Tomorrow’s issue: Corporations.
