Statute of Limitations for a Put-Back Action

Statute of Limitations for a Put-Back Action

On June 21, 2022, Justice Chan of the New York County Commercial Division issued a decision in Deutsche Bank Natl. Trust Co. v. EquiFirst Corp., 2022 NY Slip Op. 31953(U). In this decision, Justice Chan addresses a question left unanswered by the Court of Appeals in Deutsche Bank Natl. Trust Co. v. Barclays Bank PLC, in which it held that the statute of limitations for put-back claims brought by Deutsche Bank National Trust Co. was four years, because that was the statute of limitations for a breach of contract claim in California, where Deutsche Bank National Trust Co. is located. Continue reading Statute of Limitations for a Put-Back Action

RMBS Certificateholder Lacked Capacity to Sue Sponsor

RMBS Certificateholder Lacked Capacity to Sue Sponsor

On July 2, 2022, Justice Masley of the New York County Commercial Division issued a decision in Freedom Trust 2011-2 v. DB Structured Prods., Inc., 2022 NY Slip Op. 32096(U), dismissing a put-back brought by a certificateholder of an RMBS trust, with the trustee’s permission, against the trust’s sponsor because (1) the certificateholder lacked capacity under the trust’s no-action clause and (2) the claims were in any event time-barred. Continue reading RMBS Certificateholder Lacked Capacity to Sue Sponsor

First Department Addresses Several Put-Back Action Issues

First Department Addresses Several Put-Back Action Issues

Today, the First Department issued a decision in Computershare v. Natixis. The decision touches on several topics, including whether raising a borrowing statute argument (that is, arguing that another jurisdiction’s shorter statute of limitations applied) should be barred when it was raised for the first time five years into the case (it was not). Continue reading First Department Addresses Several Put-Back Action Issues