Case Law Summaries

Nuckel v. 678 West Broadway Associates, L.P.

PARTNERSHIPS—Even if a partnership agreement does not make certain partners liable for the reimbursement of other partners, the partners to be reimbursed may qualify as third party beneficiaries with the same rights to enforce such an obligation as if they were the direct beneficiaries of the partnership agreement.

• Opinion Date: July 6, 2001
• Business Law

Fierstein v. The Fair Lawn Investment Club

PARTNERSHIPS—A withdrawing partner is entitled to valuation of its partnership interest on the date of withdrawal (unless the partnership agreement says otherwise) and distributing a share of the partnership’s assets at a later date using the assets’ market value as of that later date instead of as of the date of withdrawal is improper.

• Opinion Date: February 9, 2001
• Business Law

In re Adoption of N.J.A.C. 13:38-1.3(f)

OPTOMETRISTS—A optometrist may pay legitimate percentage rent to a landlord, even one that operates an optical store.

• Opinion Date: June 29, 2001
• Business Law

DeGennaro v. Drapkin

LIMITED LIABILITY COMPANIES—A member of a limited liability company does not have a general right to inspect the company’s financial records; such a right must be set forth in the operating agreement.

• Opinion Date: October 26, 2001
• Business Law

FCC National Bank v. Sheriff Monmouth County

LIENS; EXECUTIONS; SHERIFFS—A Sheriff may charge only one fee for service of a writ of execution even if the Sheriff needs to revisit the same address or go to different address or even levy a second time on the same writ or at multiple locations.

• Opinion Date: May 4, 2001
• Business Law

Banco Do Brasil, S.A. v. PNC Bank National Association

LETTERS OF CREDIT—If the issuer of a letter of credit fails to follow unambiguous payment instructions and pays the wrong party, it may have to pay the proper party as well, even if the proper party waits a long time before noticing the error.

• Opinion Date: November 5, 2001
• Business Law

AXA Assurances, Inc. v. The Chase Manhattan Bank

LETTERS OF CREDIT—Where a letter of credit has both an automatic renewal provision and a fixed expiration date, it will be read to give meaning to both clauses, effectively allowing for automatic renewal until the fixed expiration date.

• Opinion Date: April 3, 2001
• Business Law

DiVingenze v. Chrysler Corporation

LEMON LAW; REGULATIONS—The regulations under the New Jersey Lemon Law cannot condition a consumer’s right to sue on the consumer first sending a “last chance” letter to a vehicle’s manufacturer.

• Opinion Date: November 21, 2001
• Business Law

In re Dash

LEASING; TERMINATION—Although the UCC doesn’t require a notice of lease cancellation, the Consumer Leasing Act does, and failure to give such a notice (and right of reinstatement) invalidates a purported lease termination.

• Opinion Date: October 11, 2001
• Business Law

T-Bowl Lanes, Inc. v. Berman

LEASES; INSURANCE; WAIVER—A lease’s waiver of recovery for property losses that are covered by insurance does not waive a tenant’s right to recover for business interruption losses even if the tenant carried business interruption insurance.

• Opinion Date: June 28, 2001
• Business Law