On January 15, 2026, the First Department issued a decision in Wells Fargo Bank, N.A. v. UBS AG, 2026 NY Slip Op. 00221, holding that a a claim for breach of a CMBS PSA was time-barred under New York’s borrowing statute based on the location of the special servicer, explaining:
[T]he complaint should have been dismissed as time-barred based on the CPLR 202 borrowing statute. The parties do not dispute that Midland Loan Services (Midland), the special servicer for the trust at issue herein and the entity prosecuting these claims, is located in Kansas, and its parent company, PNC Bank, is located in Pennsylvania. Kansas and Pennsylvania have, respectively, a five-year and four-year statute of limitations for breach of contract. The parties also do not dispute that Midland’s claims accrued in September 2018 when the MLPA was executed. Accordingly, this breach of contract action, commenced in 2024, is time barred.
(Internal citations omitted).