§ 17-107 — Effect of part payment on time limited for foreclosure of a mortgage

New York § 17-107

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 1: Obligations Barred By Statutes of Limitation
• Art. 17: Revival or Extension; Waiver of Defense or Bar

Text

§ 17-107. Effect of part payment on time limited for foreclosure of a\nmortgage. 1. A payment on account of a mortgage indebtedness, or\ninstalment thereof or interest thereon, which is effective to revive an\naction to recover such indebtedness, instalment or interest or to extend\nthe time limited for such action, is also effective, between persons\ndescribed in subdivision two of this section, to make the time limited\nfor commencement of an action to foreclose the mortgage run from the\ndate of payment, unless the payment is accompanied by written disclaimer\nof intention to affect the time limited for foreclosure of the mortgage.\n 2. A payment on account of the indebtedness secured by a mortgage of\nreal property as defined in section 17-105, or a mortgage of a lease of\nreal property, or on account of an instalment thereof or interest\nthereon, is effective as provided in this section:\n a. as against (1) the person who made it, to the extent of any\ninterest held by him at the date thereof, and (2) any person\nsubsequently acquiring from him any such interest, without giving value\nor with actual notice of the making of the payment, to the extent of the\ninterest so acquired; and\n b. in favor of (1) the mortgagee or his assignee, and (2) any person\nwho, after the date of the payment, succeeds or is subrogated to the\ninterest of either of them in the mortgage or otherwise acquires an\ninterest in the enforcement of the mortgage.\n If the payment is made before expiration of the time limited for the\ncommencement of the action, it is also effective against any subsequent\npurchaser of the interest of the person who made the payment, to the\nextent of the interest that the person who made the payment had at the\ntime thereof.\n 3. No payment described in subdivision one of this section has any\ngreater effect, with respect to the time limited for foreclosure of the\nmortgage, than that provided in this section.\n