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NMC RESIDUAL v. U.S. BANK N.A.

157183/15. 3202.

153 A.D.3d 284 (2017)

60 N.Y.S.3d 110

2017 NY Slip Op 05923

NMC RESIDUAL OWNERSHIP L.L.C. et al., Appellants, v. U.S. BANK NATIONAL ASSOCIATION, Respondent.

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

Decided August 1, 2017.

Attorney(s) appearing for the Case

Warner Partners, P.C., New York City ( Kenneth E. Warner of counsel), for appellants.

K & L Gates LLP, Charlotte, North Carolina ( John H. Culver III of the Maryland and North Carolina bars, admitted pro hac vice, of counsel), and K & L Gates LLP, New York City ( Lani A. Adler of counsel), for respondent.

SWEENY, J.P., MANZANET-DANIELS, ANDRIAS and WEBBER, JJ., concur.

OPINION OF THE COURT

This appeal concerns the rights and obligations of the parties with respect to the termination of certain REMIC (real estate mortgage investment conduit) trusts. The assets held by the trusts were mortgage loans. The trusts originally sold securities to outside investors, representing two classes of holders...

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