Law360, New York (May 5, 2015, 12:44 PM EDT) -- New York's highest court heard arguments last Thursday in Ace Securities Corp. v. DB Structured Products Inc., a case of critical importance to all participants in the mortgage-backed securities industry. On its face, the Ace decision will simply require the Court of Appeals to determine when the statute of limitations begins to accrue on breach of contract, or repurchase, claims arising out of the representations and warranties that are integral to MBS transactions: is it, as the defendant-respondent argues, at the time of the securitization, when the representations and warranties were made; or is it, as the plaintiff-appellant argues, at the time the seller (or sponsor), after the requisite demand, fails to repurchase the loans that are impacted by the seller's breach of a representation and warranty?...
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