![]() ![]() ![]() Mayes, the Florida Supreme Court noted where a mortgage contains an automatic acceleration clause, the statute of limitations begins to run immediately when the default takes place. That Court held the mortgagee had not elected to exercise its optional acceleration clause until the filing of its complaint and therefore the statute of limitations was not tolled and the action was proper. Co., that Court denied Defendant’s Motion to Dismiss where the Defendant was in default and the mortgagee filed its complaint after five-years from the default. Statute of limitations on mortgage foreclosure begins to run at the time of acceleration rather than at time of stated maturity date. It is now clear under Florida law that when the promissory note secured by the mortgage contains an optional acceleration clause, the foreclosure cause of action accrues, and the statute of limitations begins to run, on the date the acceleration clause is invoked or the stated date of maturity, whichever is earlier. ![]() § 95.281(3) provides generally that the cause of action for mortgage foreclosures accrues at the time of the maturity date of the mortgage, however there exists a number of Florida decisions that have recognized a common law exception. When the promissory note or a mortgage contains an optional acceleration clause, the five-year statute of limitations begins to run on the date the acceleration clause is invoked.įla. Under Florida Law, the five-year statute of limitations on foreclosure begins to run when the last payment is due unless the mortgage or promissory note contains an optional acceleration clause. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |