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ASSET SECURITIZATION CORPORATION v. ORIX CAPITAL MARKETS, LLC

12 A.D.3d 215 (2004)

784 N.Y.S.2d 513

ASSET SECURITIZATION CORPORATION, Appellant, v. ORIX CAPITAL MARKETS, LLC, Respondent.

Appellate Division of the Supreme Court of the State of New York, First Department.

November 9, 2004.

The governing Pooling Service Agreement (PSA), relating to a commercial mortgage-backed securities transaction in which plaintiff issued and sold Commercial Mortgage Pass-Through Certificates, does not authorize plaintiff to commence litigation on behalf of the certificateholders. That authority is committed solely to the trustee of the pooled loans, which is not a party to this action (see LaSalle Bank N.A. v Nomura Asset Capital Corp., 180 F.Supp...

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