Yhudai v. Impac Funding Corp.

A borrower lacks standing to sue alleging his loan was transferred to a securitized trust after its closing date because a late transfer is voidable, not void.  Following Saterbak v. JP Morgan Chase Bank, N.A. (2016) 245 Cal.App.4th 808, but with more extensive reasoning, this decision holds that a borrower has no standing to sue over a post-closing date transfer of his loan into a New York securitized trust because such a transfer is merely voidable, not void under New York law.  Glaski v. Bank of America, N.A. (2013) 218 Cal.App.4th 1079 reached the wrong, contrary result by relying on the trial court decision in Erobobo which has since been reversed and uniformly criticized.

California Court of Appeal, Second District, Division 1 (Rothschild, P.J.); July 29, 2016; Case No. B262509

 

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