Section 17-107. Effect of part payment on time limited for foreclosure of a mortgage

1. A  payment  on  account  of  a  mortgage  indebtedness,  or  instalment  thereof or interest thereon, which is effective to revive an
  action to recover such indebtedness, instalment or interest or to extend
  the time limited for such action, is  also  effective,  between  persons
  described  in  subdivision two of this section, to make the time limited
  for commencement of an action to foreclose the  mortgage  run  from  the
  date of payment, unless the payment is accompanied by written disclaimer
  of intention to affect the time limited for foreclosure of the mortgage.
    2.  A  payment on account of the indebtedness secured by a mortgage of
  real property as defined in section 17-105, or a mortgage of a lease  of
  real  property,  or  on  account  of  an  instalment thereof or interest
  thereon, is effective as provided in this section:
    a. as against (1) the person  who  made  it,  to  the  extent  of  any
  interest   held  by  him  at  the  date  thereof,  and  (2)  any  person
  subsequently acquiring from him any such interest, without giving  value
  or with actual notice of the making of the payment, to the extent of the
  interest so acquired; and
    b.  in  favor of (1) the mortgagee or his assignee, and (2) any person
  who, after the date of the payment, succeeds or  is  subrogated  to  the
  interest  of  either  of  them  in the mortgage or otherwise acquires an
  interest in the enforcement of the mortgage.
    If the payment is made before expiration of the time limited  for  the
  commencement  of the action, it is also effective against any subsequent
  purchaser of the interest of the person who made  the  payment,  to  the
  extent  of  the interest that the person who made the payment had at the
  time thereof.
    3. No payment described in subdivision one of  this  section  has  any
  greater  effect, with respect to the time limited for foreclosure of the
  mortgage, than that provided in this section.