Legal Opinion

In Re Seisay

District Court, S.D. New York

Decided May 8, 1985No. Bankruptcy 84 B 20252PublishedCited by 1 opinion

1Opinion of the Court

HOWARD SCHWARTZBERG, Bankruptcy Judge.

DECISION ON OBJECTION TO CLAIM

These Chapter 18 debtors object to the claim filed by Gary Bernard Incorporated, the holder of a secured claim collateralized by a mortgage filed against their principal residence located in New Rochelle, New York. The basis for the debtors’ objection is the assertion that the loan was made to them for personal needs at a 24 percent per annum rate of interest, which they contend is usurious, with the result that the entire loan transaction should be declared void pursuant to applicable New York law. The creditor maintains…

2Cases cited10 opinions

General Phoenix Corp. v. CabotNew York Court of Appeals · 1949
Jenkins v. MoyseNew York Court of Appeals · 1930
Leader v. Dinkler Management Corp.New York Court of Appeals · 1967
Hoffman v. Lee Nashem Motors, Inc.New York Court of Appeals · 1967
Buoninfante v. HoffmanAppellate Division of the Supreme Court of the State of New York · 1975

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3Cited by1 opinion

In Re SeisayUnited States Bankruptcy Court, S.D. New York · 1986