General Synod of Reformed Church in America v. Bonac Realty Corp.

This action was brought to foreclose plaintiff’s mortgage on a New York City apartment house owned by defendant-appellant Bonac Realty Corporation. Various alleged defenses were pleaded by the owner but they were all rejected by the Special Term Justice, after a trial. The foreclosure judgment was unanimously affirmed by the Appellate Division, and we granted leave to appeal to this court.

Defendant’s contentions that the action was prematurely brought, or that there had been a waiver by plaintiff of its right to foreclose, or an extension of the time of payment of the arrears of interest,…