Does a mortgagor have an obligation to pay off his mortgage prior to its stated maturity date?
MultiRegion, United States of America
The following excerpt is from U.S. Bank Trust Nat'l Ass'n v. Am. Airlines, Inc. (In re AMR Corp.), Adv. Pro. No. 12-01932 (SHL), Adv. Pro. No. 12-01946 (SHL), Case No. 11-15463 (SHL) (Bankr. S.D.N.Y. 2013):
16. See, e.g., Arthur v. Burkich, 131 A.D.2d 105, 106, 520 N.Y.S.2d 638, 639 (App. Div. 1987) ("It has been settled law since the early 19th century that a mortgagor has no right to pay off his obligation prior to its stated maturity date in the absence of a prepayment clause in the mortgage or contrary statutory authority.") (internal citations omitted).
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