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CECE & CO LTD. v. US BANK NA

652491/15. 3777.

153 A.D.3d 275 (2017)

60 N.Y.S.3d 5

2017 NY Slip Op 05924

CECE & CO. LTD., as Registered Residual Holder and Nominee for VCG SECURITIES, LLC, 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

Chaitman LLP, New York City ( Lance Gotthoffer of counsel), for appellants.

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

ACOSTA, P.J., MANZANET-DANIELS, MAZZARELLI and KAHN, JJ., concur.

OPINION OF THE COURT

Plaintiffs are the titled and beneficial holders of certain residual interests in real estate mortgage investment conduit (REMIC) trusts. This action, brought against defendant in its capacity as trustee, claims that when the trustee exercised its otherwise valid option to effectuate an early termination...

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