On October 17, 2019, the First Department issued a decision in Federal Home Loan Bank of Boston v. Moody’s Corp., 2019 NY Slip Op. 07491, holding the CPLR 205 relation back applies to federal claims transferred to New York federal court, explaining: CPLR 205(a) applies to prior actions commenced in a federal court within this... Read more »
Blogs
Posts Categorized: Statute of Limitations/Laches
Court of Appeals Accepts Certified Questions Regarding Cross-Jurisdictional Class Action Tolling
On August 29, 2019, the Court of Appeals accepted two certified questions from the Second Circuit in Tobias Bermudez Chavez v. Occidental Chem. Corp., etc., 2019 NY Slip Op. 78361: (1) whether New York law recognizes ʺcross‐jurisdictional class action tolling,ʺ i.e., tolling of a New York statute of limitations by the pendency of a class... Read more »
Additional Notices of Claim Related Back to Original Summons With Notice
On September 17, 2019, the First Department issued a decision in HSBC Bank USA v. Merrill Lynch Mtge. Lending, Inc., 2019 NY Slip Op. 06567, holding in an RMBS put-back action that additional notices of claim related back to the date the action was brought, explaining: Contrary to the court’s conclusion, claims involving the loans... Read more »
Where Company Lacked a Principal Place of Business in Any One State, its Residence For Purposes of the Borrowing Statute Was Its State of Incorporation
On May 9, 2019, the First Department issued a decision in Interventure 77 Hudson LLC v. Falcon Real Estate Inv. Co., LP, 2019 NY Slip Op. 03670, holding that where a company lacked a principal place of business in any one state, its residence for purposes of the borrowing statute was its state of incorporation, explaining:... Read more »
Court Analyzes Application of Saving Statue to Case That had Been Transferred Multiple Times
On March 25, 2019, Justice Cohen of the New York County Commercial Division issued a decision in Federal Home Loan Bank of Boston v. Moody’s Corp., 2019 NY Slip Op. 30921(U), analyzing the application of New York’s saving statute (CPLR 205) to an action that had been transferred multiple times, explaining: This case presents a... Read more »
Once Claim on Principal is Time-Barred, Suit to Recover Post-Maturity Interest on Principal is Time-Barred as Well
On March 21, 2019, the Court of Appeals issued a decision in Ajdler v. Province of Mendoza, 2019 NY Slip Op. 02151, holding that once a claim on a bond’s principal is time-barred, a claim for post-maturity interest on that principal is time-barred as well, explaining: Plaintiff maintains that the logical extension of our holding... Read more »
Claim Time-Barred Because it Was Not Assigned to Plaintiff Until After Statute of Limitations Had Run
On February 28, 2019, the First Department issued a decision in Rizack v. Signature Bank, N.A., 2019 NY Slip Op. 01494, holding that a claim was time-barred because it was not assigned to the plaintiff until after the statute of limitations had run, explaining: In September 2007, West End Financial Advisors LLC entered into a... Read more »
Action Dismissed For Failure Timely to Serve Summons and Complaint
On February 7, 2019, Justice Platkin of the Albany County Commercial Division issued a decision in Plank, LLC v. Dutch Vil., LLC, 2019 NY Slip Op. 50188(U), dismissing an action for failure timely to serve the summons and complaint, explaining: CPLR 306-b requires service of process to be made within 120 days of the filing of... Read more »
RMBS Trustee’s Failure to Give With Notice to Cure Within Limitations Period Does Not Bar Trustee from Curing Failure and Refiling Suit
On February 19, 2019, the Court of Appeals issued a decision in U.S. Bank Natl. Assn. v. DLJ Mtge. Capital, Inc., 2019 NY Slip Op. 01169, holding that an RMBS “[t]rustee’s failure to comply with the notice and cure or repurchase condition precedent within the applicable statute of limitations does not foreclose refiling of its... Read more »
RMBS Trustee’s Untimely-Filed Complaint Cannot Relate Back to Certificateholder’s Suit on Behalf of Trust, Which Was Barred by Trust’s No Action Clause
On February 19, 2019, the Court of Appeals issued a decision in U.S. Bank Natl. Assn. v. DLJ Mtge. Capital, Inc., 2019 NY Slip Op. 01168, holding that where a party without standing to bring an action on behalf of a trust under the trust’s no action clause timely brings an action on behalf a... Read more »