Plaintiff Denied Summary Judgment on Foreclosure Claim Due to Failure to Show Possession of Note and Properly-Affixed Allonge’s
Commercial Case Notes / Real Property / Standing

Plaintiff Denied Summary Judgment on Foreclosure Claim Due to Failure to Show Possession of Note and Properly-Affixed Allonge’s

On February 1, 2023, the Second Department issued a decision in US Bank N.A. v. Okoye-Oyibo, 2023 NY Slip Op. 00457, denying summary judgment of foreclosure because of the failure to prove possession of the note and properly-affixed allonges . . . Continue reading Plaintiff Denied Summary Judgment on Foreclosure Claim Due to Failure to Show Possession of Note and Properly-Affixed Allonge’s

Property Owner Lacks Standing to Assert Claim for Diversion of Lein Law Trust Funds
Commercial Case Notes / Real Property / Standing

Property Owner Lacks Standing to Assert Claim for Diversion of Lein Law Trust Funds

On July 19, 2022, Justice Ruchelsman of the Kings County Commercial Division issued a decision in Aki Renovations Group, Inc. v. 38 PPSW, LLC, 2022 NY Slip Op. 32412(U), holding that a property owner lacked standing to assert a claim for diversion of Lein Law trust funds . . . Continue reading Property Owner Lacks Standing to Assert Claim for Diversion of Lein Law Trust Funds

Beneficiary Lacks Standing to Sue for Conversion of Property That Took Place Before Testator Died
Commercial Case Notes / Standing

Beneficiary Lacks Standing to Sue for Conversion of Property That Took Place Before Testator Died

On July 4, 2022, Justice Masley of the New York County Commercial Division issued a decision in Rappoport v. Nye, 2022 NY Slip Op. 32091(U), holding that an estate beneficiary lacked standing to sue for conversion of property that took place before the testator died . . . Continue reading Beneficiary Lacks Standing to Sue for Conversion of Property That Took Place Before Testator Died

RMBS Certificateholder Lacked Capacity to Sue Sponsor
ABS Update / Commercial Case Notes / Put-Back Actions / Standing / Statute of Limitation/Laches

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