Thomas B. Decea, Esq

 

• Federal Home Loan Mortgage Corp. v. Dutch Lane Associates, et al. 775 F.Supp 133 (S.D.N.Y. ) (GLG)

 

The holding in Dutch Lane, an action prosecuted by Mr. Decea on behalf of the Federal Home Loan Mortgage Corporation, represents the leading case in the State of New York on the issue of an assignment of rents provision in a mortgage. Prior to Dutch Lane, a mortgagee could only collect rents from a defaulted mortgagor after a receiver was appointed and took control of the mortgaged premises which could take months.

 

In Dutch Lane, Judge Gerard L. Goettel adopted Mr. Decea’s argument that the assignment of rents provision in a mortgage is self executing upon a default and held that any rents collected by the mortgagor after its default of the terms of the mortgage must be held in trust by the mortgagor for the benefit of the mortgagee.

 

The holding of the Court in Dutch Lane has been cited in numerous other cases and is the subject of several treatise articles.

 

 

 

• Sheldon Farber v. NP Funding II L.P. and FGB Realty Advisors, Inc., (E.D.N.Y.) (CPS)

 

Mr. Decea represented defendants in this action commenced in United States District Court, Eastern District of New York against claims asserted by plaintiff under the Fair Debt Collection Practices Act 15 U.S.C. 1692 et seq. After the completion of discovery, defendants made a motion for an order granting summary judgment in their favor. By order of the Honorable Charles P. Sifton, summary judgment was granted in favor of defendant FGB Realty Corp., but denied as against defendant NP Funding II L.P.

 

Mr. Decea believed that Judge Sifton’s decision was based upon a misapprehension of applicable law; based upon his recommendation his client NP Funding II, L.P., made a motion for an order (i) certifying for appeal to the Second Circuit Court of Appeals the denial of NP Funding II, L.P.’s motion for summary judgment; or (ii) granting reargument of the motion for summary judgment and upon reargument reversing the prior decision of the Court.

 

At the oral argument of the motion, Mr. Decea raised issues sufficient to cause Judge Sifton to continue the oral argument of the motion pending the submission of additional briefs. After the submission of the supplemental briefs and the continuation of the oral argument, Judge Sifton granted the motion to reargue, reversed his prior decision and granted NP Funding II, LP’s motion for summary judgment.

 

 

 

Landmark Securities Arbitration Caselaw Decisions

 

· Shearson/American Express Inc. v. McMahon, 482 U.S. 220 (1987)

 

· Rodriquez de Quijas v. Shearson/American Express Inc., 490 U.S. 477 (1989)