Chemical Bank v. Padilla

Defendant’s tender on prepayment was below the minimum payment computed by. the method set forth in section 108 (subd. 4, par. [e]) of the Banking Law. The contention that Such method is violative of the general usury statutes (General Obligations Law, § 5-501, implemented by Banking Law, § 14-a), fails to take account of the fact that "those statutes explicitly state “ except as otherwise provided by law”. Section 108 of the Banking Law, which deals with rates of interest chargeable by banks and trust companies, is one of several such statutory exceptions. Subdivision 4 (par. [b]) provides…