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FRIENDS REALTY ASSOCIATES, LLC v. WELLS FARGO BANK, N.A.P.

40 A.D.3d 287 (2007)

836 N.Y.S.2d 565

FRIENDS REALTY ASSOCIATES, LLC, Appellant, v. WELLS FARGO BANK, N.A.P., Formerly Known as WELLS FARGO BANK MINNESOTA, N.A.P., as Trustee for the Registered Holders of DLJ COMMERCIAL MORTGAGE CORP., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-CKP1, Respondent.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided May 8, 2007.

"It has been settled law since the early 19th century that a mortgagor has no right to pay off his obligation prior to its stated maturity date in the absence of a prepayment clause in the mortgage or contrary statutory authority" (Matter of Arthur v Burkich, 131 A.D.2d 105, 106 [1987]). Because the note here is silent as to prepayment during the sixth loan year, the court did not err in its interpretation that plaintiff/mortgagor...

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