American Express Bank FSB v Najieb, 2015 NY Slip Op 01177 (1st Dept. 2015)
“The securitization of plaintiff credit card issuer’s receivables did not divest it of its ownership interest in the account, and therefore did not deprive it of standing to sue to recover defendant’s overdue credit card payments”
This is interesting to say the least.
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One Response
interesting and unfortunate because the court did not explain its reasoning but created a rule that will damage one of the few effective defenses against “original” creditors who sue for debts after they have sold the receivables to a securitized entity.. the credit card issuer in this way acts more like an originator and then servicer, and should not be found to have standing unless it can prove that itre-acquired the receivables prior to commencement of the action.