Court Analyzes Investor’s Standing When Governing Agreement Says That Registered Owner, not Beneficial Owner, Can Sue
ABS Update / Commercial Case Notes / Standing

Court Analyzes Investor’s Standing When Governing Agreement Says That Registered Owner, not Beneficial Owner, Can Sue

On March 17, 2026, Justice Masley of the New York County Commercial Division issued a decision in Oasis Invs. II Master Fund Ltd. v. Chang Ye Inv. Co. Ltd., 2026 NY Slip Op. 31050(U), analyzing the issue of an investor’s standing to sue when the governing agreement provides that the registered owner, not the beneficial owner, can sue . . . Continue reading Court Analyzes Investor’s Standing When Governing Agreement Says That Registered Owner, not Beneficial Owner, Can Sue

No-Action Clause Did Not Bar Claim Based on Denial of Plaintiff’s Rights Listed in the Indenture
ABS Update / Commercial Case Notes / Contracts

No-Action Clause Did Not Bar Claim Based on Denial of Plaintiff’s Rights Listed in the Indenture

On March 17, 2026, Justice Cohen of the New York County Commercial Division issued a decision in CPPIB Credit Invs. II Inc. v. Deutsche Bank Trust Co. Ams., 2026 NY Slip Op. 31052(U), holding that a no-action clause did not bar a claim based on the denial of a plaintiff’s rights specifically listed in the indenture . . . Continue reading No-Action Clause Did Not Bar Claim Based on Denial of Plaintiff’s Rights Listed in the Indenture

No Action Clause Does Not Bar Claims When Demand on the Clause’s Notice Party Would be Futile
ABS Update / Commercial Case Notes / Contracts

No Action Clause Does Not Bar Claims When Demand on the Clause’s Notice Party Would be Futile

On January 3, 2026, Justice Patel of the New York County Commercial Division issued a decision in Axos Fin., Inc. v. Reception Purchaser, LLC, 2026 NY Slip Op. 50019(U), holding that a no action clause did not bar claims when a demand on the clause’s notice party would be futile . . . Continue reading No Action Clause Does Not Bar Claims When Demand on the Clause’s Notice Party Would be Futile

Claim for Breach of CMBS PSA Time Barred Under Borrowing Statute Based on Location of Special Servicer
ABS Update / CMBS / Commercial Case Notes / Statute of Limitation/Laches

Claim for Breach of CMBS PSA Time Barred Under Borrowing Statute Based on Location of Special Servicer

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 . . . Continue reading Claim for Breach of CMBS PSA Time Barred Under Borrowing Statute Based on Location of Special Servicer

Article 77 Decision Enforces Write-Up Provisions Notwithstanding Past Practice and Arguments About Waterfall Logic
ABS Update

Article 77 Decision Enforces Write-Up Provisions Notwithstanding Past Practice and Arguments About Waterfall Logic

On May 19, 2025, Justice Masley of the New York County Commercial Division issued a decision in Matter of Bank of N.Y. Mellon, 2025 NY Slip Op 31952(U), enforcing an indenture’s write-up provisions notwithstanding past practice and arguments about waterfall logic . . . Continue reading Article 77 Decision Enforces Write-Up Provisions Notwithstanding Past Practice and Arguments About Waterfall Logic