![]() EMC was replaced as servicer on April 1, 2011, by defendant JPMorgan Chase Bank, N.A. ![]() Pursuant to a Servicing Agreement, EMC became the servicer for the Mortgage Loans with responsibility for maintaining documents relating to the Mortgage Loans, modifying Mortgage Loans, and foreclosing on delinquent properties. The sale of the Mortgage Loans was governed by a Purchase Agreement between the LLC and the Trust dated July 28, 2006. EMC sold 8,447 loans (the “Mortgage Loans”) to a Bear Stearns owned LLC, which in turn created plaintiff Bear Stearns Mortgage Funding Trust 2006-SL1 (the “Trust”) and designated the Mortgage Loans as the trust fund for the Trust. § 8106(c) allowing parties to contract around Delaware’s default limitations periods.ĭefendant EMC Mortgage LLC (“EMC”) was the successor to a company that created and sold residential-mortgage-backed securities. § 8121 (the “Borrowing Statute”), (2) the application of an Accrual Provision in the controlling contract and (3) recent amendments to 10 Del. The Court reconsidered its ruling on three grounds: (1) a previously unconsidered, but controlling Supreme Court decision on the application of 10 Del. In this memorandum opinion, the Court of Chancery granted in part the plaintiff’s motion for reargument under Rule 59(f) and reconsidered its dismissal of plaintiff’s complaint as time-barred. Restructuring, Bankruptcy & Creditors' Rights.Intellectual Property Counseling, Patent & Trademark Procurement.Employee Benefits & Executive Compensation.Cybersecurity, Data Privacy and Information Governance.Alternative Entities and Structured Finance.
0 Comments
Leave a Reply. |