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NASSAU TRUST CO v. MONTROSE

56 N.Y.2d 175 (1982)

Nassau Trust Company, Respondent, v. Montrose Concrete Products Corp., Appellant, et al., Defendants.

Court of Appeals of the State of New York.

Decided May 13, 1982.

Attorney(s) appearing for the Case

Carter B. Simpson and Terence F. Gilheany for appellants.

Charles M. Schultzman for respondent.

Chief Judge COOKE and Judges GABRIELLI, WACHTLER and FUCHSBERG concur with Judge MEYER; Judge JASEN dissents and votes to affirm in a separate opinion in which Judge JONES concurs.

MEYER, J.

In a foreclosure action based upon nonpayment, the mortgagee's oral waiver of the right to accelerate the principal and foreclose in order to give the delinquent mortgagor a reasonable opportunity to negotiate an unforced sale of the mortgaged premises constitutes a valid affirmative defense to foreclosure, absent withdrawal of the waiver upon reasonable notice to the mortgagor. Accordingly, because...

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