In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed securities formed into a trust in 2007. To put it mildly, the mortgages were problematic (go see
Which Statute of Limitations Applies to Your Declaratory Judgment Action?
So your client wants you to file a declaratory judgment action, but you are unsure of whether the applicable statute of limitations has expired. But what is the applicable statute of limitations in a declaratory judgment action? Since there is no limitations period specifically addressed to the declaratory judgment action, it generally falls under the
The Doctrine of Equitable Recoupment Is A Litigation Shield – Not A Sword
The doctrine of equitable recoupment, which is codified in CPLR 203(d) permits a defendant to assert an otherwise untimely defense or counterclaim. The Appellate Division, First Department recently applied the doctrine in California Capital Equity, LLC v. IJKG, LLC, and highlighted a few caveats that a litigator should bear in mind when relying upon