114 West 26th Street Associates, L.P. v. Fortunak 22 A.D.3d 346, 801 N.Y.S.2d 895 (1st Dept. 2005) The Appellate Division upheld an order of the Supreme Court which upheld a default judgment against defendant guarantors on the ground that the "defendants failed to demonstrate a justifiable excuse for their delay in answering the complaint seeking to enforce defendants' guarantee of the tenant's lease obligation. 114 West 26th Street Associates, L.P. v. Fortunak 2005 WL 2649895 (1st Dept. 2005) The Trial Court properly exercised its discretion in granting the Landlord's motion for a default judgment against the Defendants Guarantors based on its finding that Defendants failed to 1) demonstrate a justifiable excuse for their delay in answering Landlord's complaint seeking to enforce Defendants' guarantee of the tenant's lease obligations and 2) that Defendants failed to establish a meritorious defense. Propp v. Chaya Amusement Corp. 155 A.D.2d 251, 546 N.Y.S.2d 628 (1st Dept. 1989) Landlord appealed form order of the Supreme Court, New York County, Edwards, J., which dismissed complaint for declaration as to which of two defendants was entitled to be the tenant of record in a rent stabilized apartment and for reformation of the lease to substitute one defendant for another. The Supreme Court, Appellate Division, held that lease renewal which was entered into during period in which corporation had been dissolved for failure to pay franchise tax was retroactively validated when the corporation was reinstated to de jure status, nunc pro tunc, upon payment of the delinquent franchise tax. Holt v. 45 East 66th Street Owners Corp. 161 A.D.2d 410, 555 N.Y.S.2d 340 (1st Dept. 1990) Seller of shares in cooperative condominium brought action seeking declaration that transfer fee (flip tax) was improperly retroactively imposed on sale of shares. The Supreme Court, New York County, Tompkins, J., granted defendant cooperative corporation summary judgment, and seller appealed. The Supreme Court, Appellate Division held that a cooperative corporation had authority to impose a transfer fee on sales of the corporation's shares with respect to a sale of shares for which a purchaser was approved and closing took place after the corporate board of directors met and voted to implement a transfer fee effective immediately, although a contract of sale had already been entered into.