The First Department held that Euroclear account statements authorized beneficial owners to sue on defaulted notes and that conflicting Chinese law did not excuse payment under a New York-law indenture.
The First Department held that a lender employee’s detailed testimony about an agent’s mailing system and incorporated records established compliance with RPAPL 1304.
The First Department held a 2019 foreclosure time-barred because a legally defective 2008 action still accelerated the debt and CPLR savings provisions did not apply.
The First Department reinstated multiple RMBS trustee claims involving disclosed servicing failures, repurchase enforcement, mortgage-file defects, and contractual standing.
The First Department rejected a $525,000 note based only on past consideration while confirming a partner’s right to an accounting upon dissolution.
The First Department held that a tenant’s nominal five-year extension did not cure a commercial mortgage cash sweep because an at-will termination option could end the lease after 13 months.
The First Department vacated a $9.2 million judgment because the movant’s affirmation omitted CPLR 2106’s required New York perjury language and the evidence did not show the defendant participated in fraudulent transfers.
The First Department largely preserved UBS’s turnover claims over alleged asset stripping that frustrated more than $1 billion in New York judgments.
The First Department upheld treatment of HAMP-deferred mortgage principal as subsequent recoveries that write up subordinate, but not senior, RMBS certificates.
The First Department enforced a sophisticated-party nonrecourse clause to dismiss tortious-interference claims arising from a disputed energy-company equity transaction.
The First Department enforced an RMBS no-action clause because HBK’s zero-principal-balance certificates carried no voting rights when it demanded litigation.
The First Department vacated an antisuit injunction because a Delaware action over a later agreement did not threaten fraud or a gross wrong against the foreign court.
The First Department held that divorce-litigation funding with multiple unconditional repayment triggers was a loan and void because its 18.96% rate was usurious.
The First Department upholds civil contempt liability for City National Bank’s violation of a CPLR 5222(b) restraining notice, holding that a debtor’s payments to the bank on a separate debt are still ‘property in which the judgment debtor has an interest’—and that full satisfaction of the judgment does not moot the contempt claim.
The First Department dismisses RPAPL 1921 and Real Property Law § 275 mortgage discharge penalty claims as time-barred under CPLR 214(2)’s three-year limitations period, and holds that American Pipe tolling does not carry over to a successive class action after the first was voluntarily dismissed.
The First Department affirms dismissal of fiduciary duty claims arising from Iberdrola’s buyout of Avangrid minority shareholders, holding that the MFW-compliant deal structure under New York’s Kenneth Cole framework triggers deferential business judgment review.
The Appellate Division, First Department, allows aiding-and-abetting fraud and breach of fiduciary duty claims to proceed against a biotech co-founder/CFO based on false PPM representations about board composition, audit committee, and auditor retention, while dismissing a redundant aiding-and-abetting breach of fiduciary duty claim against a defendant who was himself a primary fiduciary.
The First Department affirmed cancellation of a $786,450 mortgage and promissory note under RPAPL 1501(4), holding that FAPA’s retroactive elimination of the RPAPL 1301(3) toll bars lenders from claiming extra limitations time during the pendency of a prior foreclosure action — constitutional challenges to FAPA’s retroactivity rejected.