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Courchevel 1850 LLC v. Stern

Foreclosure Action Dismissed for Failure to Serve Borrower With RPAPL §1304 Notice

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MEMORANDUM & ORDERDefendant Isaac Stern moves to dismiss this mortgage-foreclosure action on the grounds that Plaintiff Courchevel 1850 LLC (“Courchevel 1850″) never served him with notice of the impending foreclosure, as he claims Section 1304 of the New York Real Property Actions and Proceedings Law (“RPAPL”) requires. (Mot. to Dismiss (Dkt. 104); Mem. in Supp. of Mot. to Dismiss (“Stern Mem.”) (Dkt. 104-6).) For the reasons that follow, the motion is GRANTED.I. BACKGROUNDThe following statement of facts is taken from Plaintiff’s complaint (Dkt. 1), the well-pleaded allegations of which the court accepts as true for purposes of this motion. See Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009).In 2005, Stern borrowed $190,000 from National City Bank under a line of credit secured by a mortgage on real property located at 355A Halsey Street in Brooklyn (the “Property”). (Compl.

1, 50-51; see also Note (Dkt. 1-2); Mortgage (Dkt. 1-3).) The terms of the line of credit were reflected in an “equity reserve agreement,” which the court refers to as the “Note” for the sake of brevity. Several years later, National City Bank was acquired by PNC Bank, see The PNC Financial Services Group, Annual Report (Form 10-K) (Mar. 11, 2010) at 2, 25, which thereafter endorsed the Note to non-party American Servicing Group, LLC (Compl.54). After several further assignments, the Note wound up in Plaintiff’s hands. (Id.

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