Plaintiff's predecessor failed to mail defendant a notice of default in accordance with the terms of the mortgage agreement, a condition precedent to accelerating the debt. Because that purported acceleration was a nullity, the statute of limitations never accrued and, therefore, the present foreclosure action, commenced after the proper mailing of a default notice, was timely. Given the timeliness of the foreclosure action, defendant's action to quiet title cannot be maintained.
1900 Capital Trust III v Guaman, NY Slip Op 02075 (1st Dep't April 25, 2023)
