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Structured Mortgage Trust 1997-2 v. Daiwa Fin. Corp – Case Brief Summary (New York)

In Structured Mortgage Trust 1997-2 v. Daiwa Fin. Corp., 02 Civ. 3232, 2003 WL 548868 [SDNY Feb. 25, 2003, Stein, J.], plaintiff alleged that defendant breached representations concerning characteristics of mortgages contained in a Pooling and Servicing Agreement (PSA).

Plaintiff sued more than eight years after the PSA was executed.

The court held the claim was time barred, reasoning that since the representations in the PSA "were not true when made, the statute of limitations began to run at that time and expired six yeas later