Two brothers, Adam and Shlomo, both owning 50% of Aisd Corporation, a company that owns a property located in Brooklyn entered into a Stipulation to purchase Adam’s 50% share of the business interest. However, after agreement on the stipulation, Shlomo failed to follow through on the purchase of Adam’s interest. The review of the Court determined that Shlomo simply changed his mind after entering into the Stipulation, when the tenant of the property stopped paying rent and the property was no longer generating income. A ceasing of income receipt by the property was dealt with in the Stipulation and would simply suspend payments to Adam for his interest but would not cancel the deal to buy his interest. As such, the Court orders Shlomo to effectuate and carry out the agreement.

LINK TO DECISION