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WALNUT PLACE LLC v. COUNTRYWIDE HOME LOANS, INC.

8046, 650497/11.

96 A.D.3d 684 (2012)

948 N.Y.S.2d 580

2012 NY Slip Op 5251

WALNUT PLACE LLC et al., Appellants, v. COUNTRYWIDE HOME LOANS, INC., et al., Respondents, et al., Nominal Defendant.

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

June 28, 2012.

The court correctly held that plaintiff certificate holders' action is barred by the "no-action" clause in the PSAs, which plainly limits certificate holders' right to sue to an "Event of Default," which, under section 7.01 of the PSAs, involves only the master servicer (cf. Sterling Fed. Bank, F.S.B. v DLJ Mtge. Capital, Inc., 2010 WL 3324705, *4, 2010 US Dist LEXIS 85771, *14 [ND Ill, Aug. 20, 2010, No. 09-C-6904]). Contrary to plaintiffs' contention, section 2.03...

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