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Business Organizations Keyed to Bouchoux
Frame v. Maynard
Citation:
922 N.Y.S.2d 48 (2011)Facts
Plaintiff Frame and defendant Maynard were the two general partners of a limited partnership formed to acquire and operate a building at 5008 Broadway and they acquired the underlying land as tenants in common. Under the limited partnership agreement, the net proceeds of a sale or refinancing the project were to be split 60-40 between the limited partners and general partners. In May 2001, Maynard offered to acquire the limited partners’ interest in the partnership property. Maynard did not disclose to the limited partners that he had been negotiating with the Community Preservation Corporation to obtain a mortgage loan on the property at 5008 Broadway from the Freddie Mac.
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