Blogs

Posts Categorized: Statute of Limitations/Laches

Posted: March 20, 2017

Statute of Limitations Runs From When Contract is Signed, Not When it is Dated

On March 9, 2017, the First Department issued a decision in Natixis Real Estate Capital Trust 2007-HE2 v. Natixis Real Estate Holdings, LLC, 2017 NY Slip Op. 01796, holding that the statute of limitations on a claim for breaches of representations and warranties accrues when the contract is signed, not when it is dated, explaining:… Read more »

Posted: March 8, 2017

Continuing Wrong Doctrine Does Not Save Plaintiff’s Claims Against Credit Card Issuer

On February 23, 2017, the First Department issued a decision in Henry v. Bank of America, 2017 NY Slip Op. 01436, holding that the continuing wrong doctrine did not save a plaintiff’s untimely claims, explaining: Plaintiff’s reliance on the continuing wrong doctrine to toll the limitations periods is misplaced. The continuous wrong doctrine is an… Read more »

Posted: February 14, 2017

First Department Affirms Dismissal of Investor Claims Against Rating Agencies as Time-Barred

On February 10, 2017, the First Department issued a decision in Varga v. McGraw Hill Financial, Inc., 2017 NY Slip Op. 01131, affirming the dismissal of RMBS investor claims against rating agencies as time-barred, explaining: Plaintiff’s claims were brought more than six years after the last purchase of securities (CPLR 213[8]) and thus are time-barred…. Read more »

Posted: January 24, 2017

Inquiry Notice of Fraud Existed When Party Received PPM That Contradicted Oral Promises

On January 19, 2017, First Department issued a decision in Hamrick v. Guralnick, 2017 NY Slip Op. 00400, holding that a party was on inquiry notice of an alleged fraud when it received a private placement memorandum containing statements that contradicted the oral representations upon which it was suing, explaining: The fraudulent inducement, negligent misrepresentation,… Read more »

Posted: January 20, 2017

No Dismissal on Foreign Statute of Limitations: Insufficient Evidence of Foreign Law

On January 9, 2017, Justice Kornreich of the New York County Commercial Division issued a decision in Multibank, Inc. v. Access Global Capital LLC, 2017 NY Slip Op. 30036(U), declining to dismiss an action based on a foreign statute of limitations because of insufficient evidence of foreign law, explaining: When a nonresident sues on a… Read more »

Posted: December 14, 2016

Law Firm Equitably Estopped from Asserting Defense Against Former Client

On December 6, 2016, the First Department issued a decision in Deep Woods Holdings LLC v. Pryor Cashman LLP, 2016 NY Slip Op. 08156, holding that a law firm was equitably estopped from arguing that an assignment did not include tort claims, explaining: [A]ccepting plaintiff’s affidavit in opposition to defendants’ motion as true, we find… Read more »

Posted: November 8, 2016

Legal Malpractice Claims Arising in Oregon Untimely Under New York Borrowing Statute

On October 21, 2016, Justice Ostrager of the New York County Commercial Division issued a decision in Centre Lane Partners, LLC v. Skadden, Arps, Slate, Meagher & Flom Llp, 2016 NY Slip Op. 32136(U), dismissing legal malpractice claims as untimely under New York’s borrowing statute, explaining: [W]here, as here, the claim accrued outside of New… Read more »

Posted: October 17, 2016

Broad Choice-of-Law Provision Does Not Preclude Application of Borrowing Statute (CPLR 202)

On October 11, 2016, the First Department issued a decision in 2138747 Ontario, Inc. v. Samsung C&T Corp., 2016 NY Slip Op. 06671, holding that “a broadly drawn contractual choice-of-law provision” providing “for the agreement to be ‘governed by, construed and enforced’ in accordance with New York law,” does not “preclude[] the application of New… Read more »

Posted: October 15, 2016

Breach of Contract Claim Accrues Anew for Each Breach of a Recurring Duty to Pay

On October 4, 2016, the First Department issued a decision in Lebedev v. Blavatnik, 2016 NY Slip Op. 06463, holding that a claim for breach of a contractual obligation to pay accrued anew for each breach of a recurring duty to pay, explaining: This action was commenced within both limitations periods, because defendants had a… Read more »

Posted: September 5, 2016

For Relation Back Under CPLR 205, “Prior Action” Must Have Been in New York

On August 26, 2016, Justice Scarpulla of the New York County Commercial Division issued a decision in Petroleum v. Trafigura AG, 2016 NY Slip Op. 31656(U), holding that a new action did not relate back to a prior, dismissed, action in California under CPLR 205, explaining: Plaintiff argues that its claims are timely because the… Read more »