Opinion
June 15, 1999.
Appeal from the Supreme Court, New York County (Luis Gonzalez, J.).
Plaintiff sues as an assignee of a promissory note previously assigned by the Resolution Trust Corporation. Defendant, the note's maker, seeks to avoid liability upon the note on the ground that plaintiffs suit is time-barred pursuant to CPLR 213 by reason of the accrual provisions set forth in CPLR 203 (a). However, plaintiff, having taken the note as a successor in interest to the Resolution Trust Corporation, is entitled to the benefit of the Statute of Limitations set forth in 12 U.S.C. § 1821 (d) (14) (A) (i) (I) and in connection therewith the accrual provision set forth in 12 U.S.C. § 1821 (d) (14) (B) (i), pursuant to which its action is timely. Had the Resolution Trust Corporation sued on the note itself instead of assigning it, the Federal Statute of Limitations would have applied. New York law, which is applicable in determining the rights of Resolution Trust Corporation assignees ( see, Federal Fin. Co. v. Hall, 108 F.3d 46, 50, cert denied 522 U.S. 858), provides that the "[t]ransfer of an instrument vests in the transferee such rights as the transferor has therein" (UCC 3-201 ). The right to benefit from the Federal Statute of Limitations was, then, among the rights that were transferred upon assignment of the subject note by the Resolution Trust Corporation and, accordingly, it was also among the rights plaintiff ultimately received as a subsequent assignee of the note ( see, National Enters. v. Caccia, 252 A.D.2d 398).
Concur — Nardelli, J.P., Williams, Wallach, Lerner and Andrias, JJ.