New York Laws
Title 1 - Obligations Barred by Statutes of Limitation
17-107 - Effect of Part Payment on Time Limited for Foreclosure of a Mortgage.

§ 17-107. Effect of part payment on time limited for foreclosure of a
mortgage. 1. A payment on account of a mortgage indebtedness, or
instalment thereof or interest thereon, which is effective to revive an
action to recover such indebtedness, instalment or interest or to extend
the time limited for such action, is also effective, between persons
described in subdivision two of this section, to make the time limited
for commencement of an action to foreclose the mortgage run from the
date of payment, unless the payment is accompanied by written disclaimer
of intention to affect the time limited for foreclosure of the mortgage.

2. A payment on account of the indebtedness secured by a mortgage of
real property as defined in section 17-105, or a mortgage of a lease of
real property, or on account of an instalment thereof or interest
thereon, is effective as provided in this section:

a. as against (1) the person who made it, to the extent of any
interest held by him at the date thereof, and (2) any person
subsequently acquiring from him any such interest, without giving value
or with actual notice of the making of the payment, to the extent of the
interest so acquired; and

b. in favor of (1) the mortgagee or his assignee, and (2) any person
who, after the date of the payment, succeeds or is subrogated to the
interest of either of them in the mortgage or otherwise acquires an
interest in the enforcement of the mortgage.

If the payment is made before expiration of the time limited for the
commencement of the action, it is also effective against any subsequent
purchaser of the interest of the person who made the payment, to the
extent of the interest that the person who made the payment had at the
time thereof.

3. No payment described in subdivision one of this section has any
greater effect, with respect to the time limited for foreclosure of the
mortgage, than that provided in this section.

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