In U.S. Bank, N.A. v. Greenpoint Mortgage Funding, Inc. (26 Misc 3d 1234A, 907 N.Y.S.2d 441 [2010]) Justice Bernard Fried considered a claim by a trustee and CIFG in a case involving insured residential mortgage loans securitized for the benefit of numerous noteholders. In that case, CIFG alleged that the defendant, Greenpoint Mortgage Funding, Inc., breached sales agreements which contained numerous representations and warranties. On a CPLR 3211 motion by Greenpoint to dismiss the complaint, Justice Fried held that CIFG and the other insurer had failed to establish that they had standing and dismissed the complaint of the insurers. Justice Fried held that the sales agreements did not provide that the insurers, including CIFG, were intended third party beneficiaries to the representations and warranties contained in the sales agreements nor did any of the other documents involved in the securitization transaction at issue in that case give the insurers a direct right to rely on the representations and warranties in the sales agreements. Further, the insurers were not permitted to claim third party beneficiary rights on the basis of provisions in agreements and documents executed at a later time.