Photo: Bigstock 'A Clear Rule': NY Court Says Acceleration Automatically Revoked With Voluntary Dismissal of Foreclosure Action
"Adopting a clear rule that will be easily understood by the parties and can be consistently applied by the courts, we hold that where the maturity of the debt has been validly accelerated by commencement of a foreclosure action, the noteholder's voluntary withdrawal of that action revokes the election to accelerate, absent the noteholder's contemporaneous statement to the contrary," Chief Judge Janet DiFiore wrote in the court's majority opinion.
February 22, 2021 at 04:09 PM
3 minute read
The New York Court of Appeals ruled in a mortgage foreclosure case that, absent a contemporaneous statement to the contrary from a lender, a voluntary discontinuance revokes acceleration where the loan was accelerated by the commencement of the action.
The appellant banks were represented by Day Pitney. Attorney Christina Livorsi argued the appeal in the case.
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