Page 6 - CooperatorNews New Jersey Spring 2022

6 COOPERATORNEWS NEW JERSEY —SPRING 2022 NJ.COOPERATORNEWS.COM Industry Pulse PULSE Events CooperatorEvents NJ Expo Returns to the Meadowlands nj-expo.com CooperatorEvents New Jersey Expo returns to the Meadowlands Exposition chairman and chief executive officer, says leadership team and assumes the role of board to transition to unit-owner major- Center on Wednesday, June 8, 2022, from of the merger, “This is a transformation- 10:00 a.m. to 4:00 p.m. We have an excit- ing lineup of exhibitors eager to interact brings together two companies with deep chief credit officer with CIT. in person, covering every aspect of mul- tifamily living—from board governance, not just creating a bigger bank—we’re cre- financial planning, and community en- gagement to roof repair, energy man- agement, and landscape design. Like our ens the communities we serve. Comple- past in-person Expos, the CooperatorEv- ents New Jersey Expo 2022 will include many associates on our teams who have financing, railcar financing, treasury and corporation, or other planned real estate a full day of free seminars, networking, worked so diligently to get us here.” and more. And as always, registration and attendance are FREE to all! Visit Bank’s retail franchise and full suite of www.nj-expo.com to see who’s exhibit- ing, get more information, and register commercial lending and direct digital as an exhibitor or an attendee. This will banking, according to the release. be a must-attend event for all condo, co- op, and HOA board members, property will initially operate as divisions of First managers, residents, and real estate pro- fessionals in the Garden State! We look stitutions will be able to continue to bank forward to seeing you there! Mergers & Acquisitions CIT & First Citizens Complete Merger CIT Group Inc. announces via press and operations will take place. “In the release the completion of its merger with long term, all our customers will get even First Citizens BancShares Inc., parent more services, more ways to manage their company of First-Citizens Bank & Trust money, and more places to find us,” Hold- Company. The combined company now ing adds. operates under the First Citizens Bank name. Based in North Carolina, First Citizens the role of vice chairwoman of First Citi- also operates in New York; New Jersey; zens (along with current First Citizens Pasadena, California; Omaha, Nebraska; vice chairwoman Hope Holding Bryant) Phoenix, Arizona; Jacksonville, Florida; and will serve on the First Citizens Board and Columbia, South Carolin, among of Directors. The board now consists of 11 other locations. With more than $100 bil- lion in assets, according to the release, current First Citizens directors and three was when the statute of limitations would First Citizens is now in the top 20 U.S. former CIT board members—Alemany, start running and it could not be tolled— financial institutions based on assets and Michael A. Carpenter, and Vice Admiral or paused—until the time when unit own- the largest family-controlled bank in the John R. Ryan, USN (Ret.). nation. Frank B. Holding Jr., First Citizens a member of the First Citizens executive tial completion of a development for a al milestone in our 124-year history. It served as executive vice president and against the clock for this type of litiga- traditions of service and excellence. We’re ating an even better bank—one that helps in 22 states and a national direct bank the six-year period had lapsed. more people in more places and strength- tion of the merger is a testament to the market banking, equipment and vendor a condominium association, cooperative The merger combines First Citizens and asset management. banking products with CIT’s nationwide CIT, CIT Bank, and OneWest Bank Citizens Bank, and customers of these in- as they normally do. For now, notes the release, they will be served through their current branches, websites, mobile apps, bankers, and advisors. Over the coming months, a series of conversions to First Citizens’ systems Ellen R. Alemany, former chairwoman and chief executive officer of CIT, assumes In addition, Marisa J. Harney is now chief credit officer. Harney previously ity, the ruling in The release states that First Citizens developers to stall sales of sponsor units now operates more than 600 branches in order to maintain board control until while also offering commercial financing, community association banking, middle period of time for the filing of a claim by payments services, and capital markets development association against a devel- Law & Legislation Law Clarifies Statute of Limitations Start for Construction Defect Claims In the National Law Review , attorney Andrew J. Podolski of the Princeton of- fice of law firm Stark & Stark writes that Governor Phil Murphy signed a bill into law that codifies the date at which the six- year statute of limitations starts to run by which a condo, HOA, or co-op can bring a construction defect claim against the developer as the date of “Transition”— i.e., the first election when unit owners take majority control of the association or corporation board. While Transition had been considered the traditional start date for the statute of limitations to run, it was not “black letter law”—or law that had been put in the books, so to speak. The issue became confused in 2017, Podolski writes, when, in the case of Palisades at Fort Lee Con- do. Ass’n, Inc. v. 100 Old Palisade, LLC, the New Jersey Supreme Court held that substantial completion of construction ers took control of the association board. Since it often takes years after substan- Palisades created a race tion. Moreover, it potentially encouraged The new legislation provides that: “The oper or any person acting through, on be- half of, or at the behest of the developer . . . shall be tolled until an election is held and the owners comprise a majority of the board….” Podolsky notes that the law takes effect immediately. While it applies to construc- tion defect matters currently in litigation, it does not apply to prior matters that have already been dismissed based on the statute of limitations. It also does not af- fect the separate statute of repose, which provides that all construction defect claims must be brought within 10 years of substantial completion. The statute of re- pose cannot be tolled or extended under any circumstance. Awards & Recognition Magid Receives Hall of Fame Award from CAI-NJ As reported in StreetInsider , First- Service Residential vice president James Magid, CMCA®, PCAM®, is the recipient continued on page 26 COOPERATOR EVENTS EXPO 2021 WHERE BUILDINGS MEET SERVICES EVERYTHING FROM “A” (ACCOUNTING SERVICES) TO “W” (WINDOWS) (Sorry, no zebra trainer this year.) MEADOWLANDS EXPO CENTER, SECAUCUS — WEDNESDAY, JUNE 8, 10–4 FREE REGISTRATION: NJ-EXPO.COM