A plaintiff trustee is time-barred from pursuing a repurchase claim against the sponsoring bank of a residential mortgage loan securitization due to the six-year statute of limitations for breach of contract actions, a unanimous Appellate Division, First Department panel ruled Thursday.
In a reversal of a May 14 ruling by Manhattan Supreme Court Justice Shirley Kornreich (See Profile), a four-judge panel held in Ace Securities v. Deutsche Bank Structured Products, 650980/2012, that the statute of limitations for repurchase actions in mortgage-backed securities litigation begins on the closing date of the purchase agreement, not on the date the demand for repurchase was made and rejected.
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