The Bank of New York Mellon, solely as Securities Administrator for J.P. Morgan Mortgage Acquisition Trust 2006-WMC4, Respondent,v.WMC Mortgage, LLC, Defendant, J.P. Morgan Mortgage Acquisition Corporation, et al., Appellants.
Holding courts "may not by construction add or excise terms, nor distort the meaning of those used and thereby make a new contract for the parties under the guise of interpreting the writing."
Noting that where a contract's language is "written so imperfectly that it is susceptible to more than one reasonable interpretation," it is deemed to be ambiguous.
Holding that the specific customs and practices of a particular industry "should not be imputed to the average merchant and should not supersede the more generally applicable rules" that governed the interpretation of the contract at issue
Rejecting interpretation that "both conflicts with the most natural reading of the sentence and renders meaningless the [subject contractual] provision"
Holding with respect to contractual agreement regarding arbitration, that court's role is “limited to interpretation and enforcement of the terms agreed to by the parties”
Holding that court must determine intent of parties by reference to language of release, turning to extrinsic evidence only when it determines as a matter of law that terms are ambiguous