courthouse

My co-op board approved funds to fix flood damage, but management won’t pay up. What can I do?

Typically, a co-op board advises the management company how to act, but when they’re in conflict you may need an attorney to help you navigate, our experts say.

“In most instances, the management company acts as an agent for the cooperative and its board of directors. The management company’s authority is typically spelled out in their management contract,” says James Woods, Esq., managing partner at Woods Lonergan. “Ultimately it is the board who can direct the management company to act, including the payment of funds on behalf of the cooperative.”