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CEDARWOODS CRE CDO II, LTD. v. GALANTE HOLDINGS, INC.

7988, 653624/11.

96 A.D.3d 581 (2012)

948 N.Y.S.2d 17

2012 NY Slip Op 4946

CEDARWOODS CRE CDO II, LTD., et al., Appellants, v. GALANTE HOLDINGS, INC., et al., Respondents, et al., Defendants.

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

June 19, 2012.

The court properly denied plaintiffs' motion seeking to enjoin defendants from taking any action to transfer the mortgage loan, which was part of a securitization trust, to defendant Galante Holdings, Inc. The court properly found that plaintiffs failed to comply with the pooling and servicing agreement's "no-action" clause. That clause provides that no certificate holder has the right to bring any suit unless the holders of certificates...

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