CWCapital Asset Management LLC v. Chicago Properties LLC.

Dist. Ct. erred in dismissing action seeking recovery based on alleged breach of series of agreements/mortgages where Dist. Ct. found that plaintiff, as mortgage servicer, lacked standing to bring instant lawsuit. Record showed that plaintiff had standing to bring instant lawsuit where trust that held legal title to underlying mortgages had delegated to plaintiff right to sue on behalf of trust, and where plaintiff could sue in its own name without violating Rule 17(a). Moreover, applicable pooling and servicing agreement required trustee to confer on plaintiff whatever authority plaintiff needed to perform its servicing duties. However, as to merits of claim, plaintiff was not entitled to recovery of settlement proceeds that defendant-landlord had obtained from lessee of subject property, which represented fraction of rent owed on said property, even though agreement potentially required defendant to do so, where defendant continued to make full and timely mortgage payments, and where plaintiff neglected to show that defendant's failure to tender settlement proceeds impaired value of property that was subject to mortgage.