Resumen de Ruling clarifies CMBS servicer replacement rules.
The article reports on the ruling of the English High Court that provided guidance on the circumstances in which a servicer can be replaced in European securitization deals. The opinion of the court on the claim by class E note-holder Anchorage Capital that it was the controlling party over the issuer of a Titan Europe 2007-1 commercial mortgage backed securitization (CMBS) is discussed. Also tackled arguments on the interpretation of prospectus and servicing agreement between the parties
