CONCORD CDO 2006-1 v. BANK OF AMERICA N.A.

C.A. No. 5219-VCL.

996 A.2d 324 (2010)

CONCORD REAL ESTATE CDO 2006-1, LTD., and Concord Real Estate CDO 2006-1, LLC, Plaintiffs, v. BANK OF AMERICA N.A., as Trustee under the Indenture Agreement referred to herein, Defendant.

Court of Chancery of Delaware.

Decided: May 14, 2010.


Attorney(s) appearing for the Case

Gregory P. Williams, Rudolf Koch, Jennifer J. Veet, Kevin M. Gallagher, Richards, Layton & Finger, P.A., Wilmington, DE, for Plaintiffs Concord Real Estate CDO 2006-1, Ltd., and Concord Real Estate CDO 2006-1, LLC.

Andre G. Bouchard, Sean M. Brennecke, Bouchard Margules & Friedlander, P.A., Wilmington, DE; Robert C. Micheletto, Jayant W. Tambe, Marguerite S. Dougherty, Jones Day, New York City, for Defendant Bank of America N.A.


OPINION

LASTER, Vice Chancellor.

The plaintiffs are single-purpose entities that issued notes as part of a collateralized debt obligation known as Concord Real Estate CDO 2006-1 (the "Concord CDO"). The notes were issued subject to the Indenture Agreement for Concord Real Estate CDO 2006-1 dated December 21, 2006 (the "Indenture" or "IA"). The Indenture refers to plaintiff Concord Real Estate CDO 2006-1, Ltd. as the Issuer and plaintiff Concord Real Estate...

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