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MATTER OF BANK OF N.Y. MELLON

Index No. 150738/19. Appeal No. 15246. Case No. 2020-03052.

202 A.D.3d 465 (2022)

2022 NY Slip Op 00807

In the Matter of The Bank of New York Mellon, as Trustee for 278 Residential Mortgage Backed Securitization Trusts, Respondent, for Judicial Instructions Under CPLR Article 77 Concerning the Proper Pass-Through Rate Calculation for CWALT Interest Only Senior Certificates. Silian Ventures LLC, Appellant, v. BlackRock Financial Management, Inc., et al., Respondents, et al., Respondents.

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

Decided February 8, 2022.

Attorney(s) appearing for the Case

Quinn Emanuel Urquhart & Sullivan, LLP, New York (William B. Adams of counsel), for appellant.

Mayer Brown LLP, New York (Christopher J. Houpt of counsel), for The Bank of New York Mellon, respondent.

Gibbs & Bruns LLP, Houston, TX (David M. Sheeren of the bar of the State of Texas, admitted pro hac vice, of counsel), for BlackRock Financial Management, Inc., Federal Home Loan Bank of Atlanta, Goldman Sachs Asset Management, L.P., Kore Advisors, L.P., Pacific Investment Management Company LLC and Federal Home Loan Bank of San Francisco, respondents.

Concur—Renwick, J.P., Mazzarelli, Friedman, Singh, Pitt, JJ.

In 2017, respondent Silian Ventures LLC acquired interest-only senior certificates (IO certificates) issued by certain RMBS trusts; Countrywide Home Loans, Inc. sponsors the trusts and BNY Mellon is the trustee. The interest paid to IO certificate holders, including Silian, is based on the mortgages' modified interest rates—which, after the 2008 financial crisis, had been adjusted downward—as set forth in the pooling and servicing agreements (PSAs) governing...

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