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US BANK NATIONAL ASSOCIATION v. UBS REAL ESTATE SECURITIES, INC.

651282/12. 10356. 651854/14. 10355.

177 A.D.3d 493 (2019)

113 N.Y.S.3d 682

2019 NY Slip Op 08355

US Bank National Association, Plaintiff, v. UBS Real Estate Securities, Inc., Defendant. Ace Securities Corp. et al., Appellants, v. DB Structured Products, Inc., Respondent.

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

Decided November 19, 2019.

The dispositive issue in both appeals is whether the trustee of a residential mortgage-backed securities trust is a "plaintiff" within the meaning of CPLR 205(a) when the prior action was commenced by the trust's certificateholders. In U.S. Bank N.A. v DLJ Mtge. Capital, Inc. (141 A.D.3d 431 [1st Dept 2016], affd 33 N.Y.3d 84 [2019] [hereinafter HEAT]), we concluded that "the trustee [was] not entitled to refile the...

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