Bank of America National Association v. Bassman FBT

(Supplemental opinion on denial of rehearing 12/7/12.) Court properly granted summary judgment of foreclosure and sale. New York law applies, as contract's choice-of-law provision specifies that New York law governs the trust, and no aspect of pertinent New York law is contrary to Illinois public policy. Under New York law, Defendants have standing to attack transaction only if it is void, regardless of whether it was ratified. A trustee's ultra vires acts are not void but voidable. Pooling and services agreement (PSA), which gave Plaintiff authority to foreclose, manifests intent to limit rights under PSA to those who are parties to it, and Defendants are not third-party beneficiaries of PSA. (HUTCHINSON and ZENOFF, concurring.)