TRUST FOR THE CERTIFICATE HOLDERS OF THE MERRILL LYNCH MORTGAGE INVESTORS, INC. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-C1, by and through ORIX CAPITAL MARKETS, LLC, as Master Servicer and Special Servicer, Appellant,
v.
LOVE FUNDING CORPORATION, Respondent.
Court of Appeals of New York.https://leagle.com/images/logo.png
Argued September 9, 2009.
Decided October 15, 2009.
Attorney(s) appearing for the Case
Hogan & Hartson LLP, New York City (Ira M. Feinberg and Andowah Newton of counsel), and Hogan & Hartson LLP (Lorane F. Hebert, of the District of Columbia bar, admitted pro hac vice, of counsel), for appellant.
Bryan Cave LLP (Alec W. Farr, of the District of Columbia bar, admitted pro hac vice, and Nikki A. Ott of counsel) and Bryan Cave LLP, New York City (Michael G. Biggers of counsel), for respondent.
Richards Kibbe & Orbe LLP, Washington, D.C. (Lucinda O. McConathy of counsel), and Richards Kibbe & Orbe LLP, New York City (Brian S. Fraser of counsel), for Loan Syndications & Trading Association, Inc., amicus curiae.
Northern Manhattan Improvement Corporation Legal Services, New York City (Kenneth Rosenfeld, James Baker and Matthew J. Chachère of counsel), Cardozo Bet Tzedek Legal Services (Leslie Salzman of counsel), CAMBA Legal Services, Inc., Brooklyn (Kathleen A. Masters and Matthew Chedler of counsel), Empire Justice Center, Rochester (Bryan D. Hetherington of counsel), and Urban Justice Center, New York City (Harvey Epstein of counsel), for Northern Manhattan Improvement Corporation and others, amici curiae.
Chief Judge LIPPMAN and Judges CIPARICK, GRAFFEO, READ, SMITH and JONES concur.
Court of Appeals of New York.
OPINION OF THE COURT
PIGOTT, J.
The United States Court of Appeals for the Second Circuit has certified to us questions relating to Judiciary Law § 489, New York's champerty statute. We hold that a corporation or association that takes an assignment of a claim does not violate Judiciary Law § 489 (1) if its purpose is to collect damages, by means of a lawsuit, for losses on a debt instrument in...
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