Legal Opinion
NMC Residual Ownership L.L.C. v. U.S. Bank National Ass'n
Appellate Division of the Supreme Court of the State of New York
Decided August 1, 2017No. 652491/15 3777PublishedCited by 5 opinions
1Opinion of the Court
OPINION OF THE COURT
Gische, J.
This appeal concerns the rights and obligations of the parties with respect to the termination of certain REMIC (real estate mortgage investment conduit) trusts. The assets held by the trusts were mortgage loans. The trusts originally sold securities to outside investors, representing two classes of holders, i.e., regular security holders and residual security holders. Plaintiffs, NMC Residual Ownership L.L.C. and Caycorp Holdings, Ltd., are holders of the residual security interests in those trusts. While the holders of regular securities were entitled to…
2Cases cited5 opinions
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- Commerce Bank v. Bank of New York MellonAppellate Division of the Supreme Court of the State of New York · 2016
- Acacia National Life Insurance v. Kay Jewelers, Inc.Appellate Division of the Supreme Court of the State of New York · 1994
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