5303 Realty Corp. v. O & Y Equity Corp.

Summary

The Court of Appeals held that a notice of pendency (lis pendens) may not be filed in an action to specifically perform a contract for the sale of stock that represents an ownership interest in real estate, and therefore reversed the Appellate Division and ordered the notice cancelled. The decision rests on a strict reading of CPLR 6501, which limits lis pendens to actions directly affecting title, possession, use, or enjoyment of real property.