Legal Opinion
Spodek v. Park Property Development Associates
New York Court of Appeals
Decided November 15, 2001PublishedCited by 60 opinions
1Opinion of the Court
OPINION OF THE COURT
Graffeo, J.
In this breach of contract action, we address whether a creditor is entitled to prejudgment interest under CPLR 5001 where the promissory note provided for monthly interest and principal installment payments on the debt owed. We conclude that plaintiff is entitled to interest from the accrual of the cause of action on both the unpaid interest and principal payments to the date liability was fixed.
Defendant executed a note in April 1980, agreeing to pay plaintiff the principal sum of $1,437,500 in connection with a real estate transaction. Interest was to accrue…
2Cases cited11 opinions
- Love v. State of New YorkNew York Court of Appeals · 1991
- Young v. . HillNew York Court of Appeals · 1876
- Prager v. New Jersey Fidelity & Plate Glass Insurance Co. of NewarkNew York Court of Appeals · 1927
- Brushton-Moira Central School District v. Fred H. Thomas Associates, P. C.New York Court of Appeals · 1998
- Giventer v. ArnowNew York Court of Appeals · 1975
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3Cited by60 opinions
- NML Capital v. Republic of ArgentinaNew York Court of Appeals · 2011
- J. D'Addario & Co. v. Embassy Industries, Inc.New York Court of Appeals · 2012
- Aurecchione v. New York State Division of Human RightsNew York Court of Appeals · 2002
- NML Capital v. Republic of ArgentinaCourt of Appeals for the Second Circuit · 2010
- Sass v. MTA Bus Co.District Court, E.D. New York · 2014
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