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COLFIN SNP-1 FUNDING, LLC v. SECURITY NATL. PROPS. SERVICING CO., LLC

Index No. 650841/20. Appeal No. 14539-14539A. Case No. 2020-04398.

199 A.D.3d 406 (2021)

153 N.Y.S.3d 863

2021 NY Slip Op 06032

Colfin SNP-1 Funding, LLC, et al., Appellants, v. Security National Properties Servicing Company, LLC, et al., Respondents.

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

Decided November 4, 2021.

Attorney(s) appearing for the Case

Browne George Ross O'Brien Annaguey & Ellis LLP, New York ( Jeffrey A. Mitchell of counsel), for appellants.

Patterson Belknap Webb & Tyler LLP, New York ( Muhammad U. Faridi of counsel), for respondents.

Concur—Gische, J.P., Mazzarelli, Shulman, Pitt, Higgitt, JJ.

The court properly dismissed the claims for breach of the subordination agreements under CPLR 3211(a)(1). As this Court has observed, subordination agreements can come in two forms: (1) agreements that merely subordinate the debt owed to one creditor to the debt owed to another, and (2) agreements that limit the rights of the subordinated creditor from taking any action against the borrower until the more senior creditor's debt...

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