Innoncente v. Guisti

I am unable to concur with the opinion of the court in the matter of the suspension of the operation of the statute of limitations by the plaintiff’s application, on the mortgage note, of the net proceeds of the foreclosure sale of the mortgaged property, as a partial payment of the note. I am convinced that according to sound reasoning and the greater weight of authority, such a crediting does not show a recognition by the maker of the validity of the note as an obligation binding on him at that time, so as to toll the operation of the statute.

The following cases are typical of many which…