Opinion ID: 65369
Heading Depth: 3
Heading Rank: 2

Heading: Alleged Condition Precedent

Text: Wilmington Trust also contends that ACS cannot take advantage of its failure to fulfill its statutory obligation timely to file reports with the SEC to argue that it has not breached its obligation to provide the Trustee with the required reports. ACS argues that in the absence of a deadline in § 4.03 for filing with the SEC, ACS did not fail to perform under the Indenture. We find no condition precedent timely to file reports with the SEC. We have already held that neither the Indenture nor § 314 of the TIA requires ACS timely to file reports with the SEC. Wilmington Trust may not rely on ACS's failure to comply with statutory obligations not made part of the parties' contract to argue that ACS breached its contractual obligation. See Camp Kennybrook Inc. v. Kuller, 214 A.D.2d 264, 632 N.Y.S.2d 874, 875 (N.Y.App.Div.1995) (While plaintiff assumed a duty of care and supervision over Max, . . ., such duty is imposed of law independent of and extraneous to the contract. . . . Accordingly, plaintiff had no contractual or quasi-contractual duty to care for and supervise Max.) (citations omitted); see generally Nuzzi Family Ltd. Liability Co. v. Nature Conservancy, Inc., 304 A.D.2d 631, 758 N.Y.S.2d 364, 365 (N.Y.App.Div.2003) (rejecting time of the essence argument and stating that [c]ontrary to the plaintiff's contention, the contract did not contain a condition precedent that its validity or the plaintiff's performance under the contract required its assignment to the DEC by a date certain) (citations omitted)