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Article 13 LLC v. Ponce de Leon Federal Bank

Denials of Summary Judgment in Action to Quiet Title to Brooklyn Property Explained

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MEMORANDUM & ORDER Plaintiff Article 13, LLC brings this quiet title action against Defendants LaSalle National Bank Association (“LaSalle”),1 Central Mortgage Company (“CMC”),2 Alliance Mortgage Banking Corp. (“Alliance Mortgage”) and Ponce de Leon Federal Bank (“Ponce de Leon”) (collectively, “Defendants”), pursuant to 28 U.S.C. §1332, to cancel a consolidated mortgage loan encumbering a property located at 53 Van Buren Street, Brooklyn, New York (the “Property”). Plaintiff argues that pursuant to Article 15 of the New York Real Property Actions and Proceedings Law (“RPAPL”), the statute of limitations governing Defendants’ ability to foreclose on the property expired after Defendant LaSalle’s loan servicer, CMC, accelerated the debt by commencing a foreclosure proceeding in 2007 in Kings County Supreme Court. ECF No. 1

19-22. As a result, Plaintiff alleges that it is entitled to a judgment canceling and discharging the mortgage. Presently before the Court is Plaintiff’s motion for summary judgment on its RPAPL claim, ECF No. 42-1, and Defendant LaSalle’s motion for summary judgment and dismissal of Plaintiff’s Complaint, ECF No. 40-1.3 For the reasons set forth below, both motions are denied. BACKGROUND On September 18, 2006, JAJ Corp. conveyed the Property to Lisa Abbott (the “Borrower”). Plaintiff’s Counterstatement to the Defendant’s Rule 56.1 Statement of Material Facts (“Plaintiff’s 56.1″), ECF No. 48-2 2. At the time the Property was conveyed, it was already secured by a mortgage loan received by JAJ Corp. from Defendant Ponce de Leon. Id.

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