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Sj Opinon of Bransten on Succ Liab

Sj Opinon of Bransten on Succ Liab

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Published by Chris Herzeca
Summary Judgment Opinion of Justice Bransten on BAC Successor Liability
Summary Judgment Opinion of Justice Bransten on BAC Successor Liability

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Categories:Types, Business/Law
Published by: Chris Herzeca on Apr 30, 2013
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04/30/2013

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[FILED:
 NEW YORK COUNTY CLERK 
04/29/2013]
 
NYSCEF DOC. NO. 4092INDEX NO. 602825 2008RECEIVED NYSCEF: 04/29/2013
SUPREME COURT OF THE STATE OF NEW YORK- NEW YORK COUNTY
 
PRESENT: HON. EILEEN BRANSTEN, JUSTICE PART 3
--·-·-·--------------------------------------------------------------------)(
 
MBIA INSURANCE CORPORATION,
 
Plaintiff,
 -against-
Index No.: 602825/08
 
Motion Date: 1/10/13
COUNTRYWIDE HOME LOANS, INC.,
COUNTRYWIDE SECURITIES CORP., COUNTRYWIDE FINANCIAL CORP.,
 
COUNTRYWIDE HOME LOANS
 
SERVICING, LP AND BANK OF AMERICA CORP.,
 
Motion Seq. No.: 060Defendants.
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on for summary judgment.
 
Papers Numbered
 Notice of Motion/Order to Show Cause - Affidavits - Exhibits
1
 
 Answering Affidavits - Exhibits
2
Replying Affidavits3
 
Cross-Motion:
0
Yes X No
 
Upon the foregoing papers, this motion is decided in accordance with
 
the accompanying memorandum decision.
Dated:
 April ,
2013
c/ 
(j 
 L
k.s.C:
 
Hon. Eileen Bransten
Check One:
0
FINAL DISPOSITION
X NON-FINAL DISPOSITION
 
Check if appropriate:
0
DO NOT POST
0
REFERENCE
0 SETTLE/SUBMITORDERIJUDG.
 
 
SUPREME COURT OF THE STATE OF NEW YORK 
 
COUNTY OF NEW YORK: lAS PART 3
----------------------------------------------------------------X
 
MBIA INSURANCE CORPORATION,Plaintiff,-against-Index No.: 602825/08Motion Seq. Nos.: 60, 61
 
Motion Date: 1110/13COUNTRYWIDE HOME LOANS, INC.,COUNTRYWIDE SECURITIES CORP.,COUNTRYWIDE FINANCIAL CORP.,COUNTRYWIDE HOME LOANSSERVICING, LP and BANK OF AMERICACORP.,Defendants.
----------------------------------------------------------------x
 
BRANSTEN, J.
 Motion sequence numbers sixty and sixty-one are consolidated for disposition.This matter comes before the Court on the summary judgment motions submitted by MBIA Insurance Corporation ("MBIA") and Bank of America Corp. ("BAC"). Eachmotion seeks summary judgment under CPLR 3212(e) on MBIA's successor liabilityclaim under the theories of de facto merger and assumption of liabilities. Each theorywill be addressed in turn.For the reasons that follow, MBIA and BAC's motions are denied.
 
 MBIA
v. Countrywide
Index No. 602825/2008Page 2
The facts of this matter have been discussed extensively in previous decisions of 
 
this court. Thus, only details necessary to the instant motions are referenced herein.
MBIA brought this action on September 30, 2008 against the Countrywide
 
Defendants.
1
MBIA alleges that Countrywide fraudulently induced MBIA to insure
 
fifteen residential mortgage-backed securitizations ("Securitizations") and that
 Countrywide breached the representations and warranties in the transaction documentsrelated to the Securitizations. On August 24, 2009, MBIA filed an amended complaint(the "Amended Complaint"). The Amended Complaint added, among other things, acause of action alleging successor liability against BAC. This successor liability claimfor Countrywide's alleged liabilities is premised on a series of transactions entered into by
 
BAC and the Countrywide Defendants in 2008.A.
Transactions Between BAC and the Countrywide Defendants
 On January 11, 2008, BAC agreed to acquire Countrywide Financial Corporation("CFC") through a forward triangular merger, whereby CFC merged into BAC's wholly-owned subsidiary, Red Oak Merger Corporation (the "Red Oak Merger"). (BAC
1
 
The "Countrywide Defendants" or "Countrywide" are Countrywide Home Loans, Inc.("CHL"), Countrywide Securities Corporation ("CSC"), Countrywide Financial Corporation("CFC") and Countrywide Home Loans Servicin.g, LP ("CHLS").

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