Legal Opinion
NMC Residual Ownership L.L.C. v. U.S. Bank N.A.
Appellate Division of the Supreme Court of the State of New York
Decided August 1, 2017No. 157183/15 3202PublishedCited by 5 opinions
1Opinion of the Court
OPINION OF THE COURT
Gische, J.
Plaintiffs are the titled and beneficial holders of certain residual interests in real estate mortgage investment conduit (REMIC) trusts. This action, brought against defendant in its capacity as trustee, claims that when the trustee exercised its otherwise valid option to effectuate an early termination of certain trusts, it breached its contractual duties to plaintiffs by purchasing the remaining trust assets in its own name, at millions of dollars below market value. The trustee does not dispute that it purchased the trust assets for its own account at below…
2Cases cited9 opinions
- Quadrant Structured Products Co. v. VertinNew York Court of Appeals · 2014
- AG Capital Funding Partners, L.P. v. State Street Bank & Trust Co.New York Court of Appeals · 2008
- Andon v. 302-304 Mott Street AssociatesAppellate Division of the Supreme Court of the State of New York · 1999
- Shedlinsky v. . Budweiser Brewing Co.New York Court of Appeals · 1900
- United States Trust Co. v. First National City BankAppellate Division of the Supreme Court of the State of New York · 1977
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3Cited by5 opinions
- U.S. Educ. Loan Trust IV, LLC v. Bank of N.Y. MellonAppellate Division of the Supreme Court of the State of New York · 2020
- Dybalski v. The Cortright Family Irrevocable Trust Dated July 12, 2007, Judith Varga, Individually & As Trustee of The Cortright Family Irrevocable Trust Dated July 12, 2007Appellate Division of the Supreme Court of the State of New York · 2022
- NMC Residual Ownership L.L.C. v. U.S. Bank N.A.Appellate Division of the Supreme Court of the State of New York · 2017
- Skull Valley Band of Goshute Indians of Utah v. U.S. Bank National AssociationDistrict Court, S.D. New York · 2020
- Ubs Fin. Servs., Inc. v. AlibertiMassachusetts Appeals Court · 2018