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Lynn K. Neuner and William T. Russell Jr.

The Court of Appeals recently issued the latest in a series of decisions construing the application of New York’s statute of limitations to residential mortgage backed securities (RMBS) claims. In Deutsche Bank National Trust Company v. Flagstar Capital Markets Corporation, the court addressed the interplay between competing public policies of the freedom to contract and the prohibition on pre-accrual agreements to extend statutes of limitation. In doing so, the Court of Appeals reaffirmed the principle it established in Ace Securities Corp. Home Equity Loan Trust, Series 2006-SL2 v. DB Structured Prods., 25 N.Y.3d 581 (2015) (Ace), that an RMBS breach of contract claim accrues at the time that the allegedly breached representations and warranties were made.

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