IP of A West 86th Street 1 LLC v. Morgan Stanley Mortgage Capital Holdings, LLC

Dist. Ct. did not err in granting defendant’s motion for summary judgment in action alleging that defendant breached loan agreement with plaintiff calling for defendant to maintain certain escrow funds where defendant sold its interest in said agreement to third-party entity that was controlled by agent of plaintiff (who had negotiated original agreement with defendant on behalf of plaintiff), and where defendant had allowed agent to apply said escrow funds to lower purchase price of assignment. Terms of loan agreement permitted defendant to transfer its interest in agreement to third-party and permitted agent to act on behalf of plaintiff when granting consent for defendant to transfer its interest in loan agreement to third-party. Fact that third-party failed to fulfill its obligation to maintain escrow funds on behalf of plaintiff as required under original loan agreement did not render defendant’s assignment anything other than assignment.