In re the Estate of Dane

On December 17, 1968, after repeated requests by decedent that appellant loan him $10,500, the latter drew a demand note in that amount and with decedent’s consent fixed the interest rate at 71A% per annum, the then maximum annual interest permitted being 714% (3 NYCRR 4.1). Decedent executed the note and appellant gave him the full amount of the note in cash. After letters of coadministration with the will annexed were issued to respondents on January 21, 1975, they moved for summary judgment voiding the note on the ground that it was a usurious loan, the note having been previously rejected…