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BLUEBIRD PARTNERS v. FIRST FID. BANK

97 N.Y.2d 456 (2002)

767 N.E.2d 672

741 N.Y.S.2d 181

BLUEBIRD PARTNERS, L.P., Appellant, v. FIRST FIDELITY BANK, N.A., et al., Respondents, et al., Defendants. (And a Third-Party Action.) (And Another Action.)

Court of Appeals of the State of New York.

Decided March 26, 2002.

Attorney(s) appearing for the Case

Kasowitz Benson Torres & Friedman LLP, New York City (David M. Friedman, Michael C. Harwood and Howard W. Schub of counsel), and Henry Paul Monaghan, New York City, for appellant.

Wachtell, Lipton, Rosen & Katz, New York City (Marc Wolinsky and Jed I. Bergman of counsel), LeBoeuf, Lamb, Greene & MacRae, L.L.P., New York City and Newark, New Jersey (Lawrence E. Miller and Mark L. LoSacco of counsel), and Kaye Scholer LLP, New York City (Lester M. Kirshenbaum and Gregory R. Fidlon of counsel), for respondents.

Meyer, Suozzi, English & Klein, P.C., Mineola (Bernard S. Meyer and Andrew J. Turro of counsel), for Oaktree Capital Management, LLC and others, amici curiae.

James D. McLaughlin, New York City, and Roberta Kotkin for American Bankers Association and another, amici curiae.

Chief Judge KAYE and Judges SMITH, LEVINE, CIPARICK, WESLEY and GRAFFEO concur.

OPINION OF THE COURT

ROSENBLATT, J.

This appeal involves the proper interpretation of General Obligations Law § 13-107. That section provides that in the absence of an express writing to the contrary, a bond transfer vests in the transferee certain bond-related claims of the transferor, whether or not those claims were known to exist at the time of transfer. The question before us is whether, before pursuing any such claim, a transferee-plaintiff must...

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