Ace Securities Corp., Home Equity Loan Trust, Series 2006-Sl2, by Hsbc Bank USA, National Association, as Trustee…

Summary

The New York Court of Appeals affirmed the Appellate Division, holding that the Trust’s breach‑of‑representations claim accrued on the contract execution date of March 28, 2006, that the sponsor’s cure/repurchase obligation is not a separate promise of future performance, and that the 60‑day cure and 90‑day repurchase periods are merely procedural prerequisites, not a substantive condition precedent. Consequently, the certificateholders’ suit was untimely and the Trust’s substitution did not cure any standing defect.