Opinion
July 9, 1998
Appeal from the Civil Court, New York County (Bernard Fuchs, J.).
Had the Resolution Trust Corp. sued on the note itself instead of assigning it to plaintiff, the six-year Statute of Limitations of 12 U.S.C. § 1821 (d) (14) (A) (i) would have applied. New York law, which is applicable ( see, Federal Fin. Co. v. Hall, 108 F.3d 46, 50 [4th Cir], cert denied ___ U.S. ___ 118 S Ct 157), provides that the "[t]ransfer of an instrument vests in the transferee such rights as the transferor has therein" (UCC 3-201 U.C.C. [1]).
Accordingly, the right to benefit from the Federal limitations period was among the rights that were transferred to plaintiff upon assignment of the note by Resolution Trust ( cf., Federal Fin. Co. v. Gerard, 89 Wn. App. 445, 949 P.2d 412; National Enters. v. Moore, 948 F. Supp. 567 [ED Va]).
Concur — Ellerin, J.P., Nardelli, Wallach, Rubin and Tom, JJ. [ See, 172 Misc.2d 857.]