New York Appellate Court allows Action on Note Debt Despite Finding that Statute of Limitations Precludes Foreclosure Action
By EsqSocial Corporation 06/01/21
While it is common knowledge in New York that the statute of limitations to collect a debt is six years from the time of acceleration, in a recent decision the Appellate Division, Third Judicial Department opened up the possibility that a lender can still bring a claim against a borrower on the promissory note even though the statute of limitations expired on a mortgage foreclosure action....
By: Locke Lord LLP