Case ID: ad2d_225/html/0468-01.html
Source: Caselaw Access Project
Author: {"author": "", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

Chappo & Company, Inc., Appellant, v Allan Riley Company, Inc., Respondent.
    [639 NYS2d 383]
   Plaintiff, an unlicensed real estate broker, cannot circumvent the licensing requirement of Real Property Law § 442-d by characterizing the loan it allegedly negotiated on defendant’s behalf as a "leasebacked note transaction”. The documentary evidence clearly establishes that a mortgage was the dominant security under the loan allegedly negotiated by plaintiff, and the assignment of rents incidental. Accordingly, the IAS Court properly determined that plaintiff was acting as a real estate broker within the meaning of the statute and had to be licensed as such to maintain this action. Concur — Rosenberger, J. P., Ellerin, Rubin and Nardelli, JJ.