ASSURED GUAR. MUN. CORP. v. DLJ MTGE. CAPITAL, INC.

11512, 652837/11.

117 A.D.3d 450 (2014)

988 N.Y.S.2d 132

2014 NY Slip Op 3212

ASSURED GUARANTY MUNICIPAL CORP., Formerly Known as FINANCIAL SECURITY ASSURANCE INC., et al., Appellants, v. DLJ MORTGAGE CAPITAL, INC., Respondent, et al., Defendant.

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

Decided May 6, 2014.


The motion court erred in holding that, as a matter of law, the remedy available to plaintiff monoline insurers for breach of defendant's representations and warranties under the pooling and servicing agreement is limited to cure of the breach or the substitution or repurchase of the particular securitized loan. While their remedy, as certificate insurer, for breach of other provisions of the agreement is so limited (e.g. § 2.02 [b] [governing mortgage documentation...

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