Waiver Problem in Maine Real Property Foreclosure Law: A Commercial Paper Perspective
19 Pages Posted: 4 Nov 2014
Date Written: November 3, 2014
Abstract
When a mortgagee accepts from a mortgagor payment of part of a mortgage arrearage, does the mortgagee then waive its right to foreclose? Many bank counsel will say that the mortgagee does waive its right to foreclose, and they will point for authority to the broad holding of Savings & Loan Association of Bangor v. Tear. In that decision, the Maine Supreme Judicial Court, sitting as the Law Court, seemed to hold that a mortgagee waives its right to foreclose if it accepts tender of a late payment.
Suggested Citation: Suggested Citation
Patterson, Dennis, Waiver Problem in Maine Real Property Foreclosure Law: A Commercial Paper Perspective (November 3, 2014). 38 Me. L. Rev. 49 1986, Available at SSRN: https://ssrn.com/abstract=2518302
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