U.S. Bank Doubles Down on Argument that Transfers of RMBS Certificates Governed by New York Law

U.S. Bank recently filed its opposition to Commerzbank’s motion for reconsideration. In it, U.S. Bank expanded on its argument that the transfer of certificates in RMBS trusts occurs in New York and thus that unless explicitly provided otherwise, claims belonging to the seller pass to the buyer under the General Obligations Law. As a consequence, the seller is divested of standing to sue (and consequently, although not discussed by U.S. Bank, the buyer acquires and has standing to sue on all of the seller’s claims).