New Jersey Superior Court Appellate Division June 23, 1997 (Sulcov v. 2100 Linwood Owners, Inc.)

The opinion of the court was delivered by

WALLACE, J.A.D.

This appeal presents an issue of first impression in New Jersey with respect to the validity of “flip fees,” “flip taxes,” “transfer fees,” or “transfer taxes” (transfer fees) paid to a cooperative corporation when stock shares in cooperatives are transferred.