Legal Opinion
Arbuzova v. Skalet
Appellate Division of the Supreme Court of the State of New York
Decided February 21, 2012PublishedCited by 5 opinions
1Opinion of the Court
A corporation is prohibited from asserting the defense of civil usury (see General Obligations Law § 5-521; Schneider v Phelps, 41 NY2d 238, 242 [1977]; Tower Funding v Berry Realty, 302 AD2d 513, 514 [2003]). An individual guarantor of a corporate obligation is also precluded from raising such a defense (see Schneider v Phelps, 41 NY2d at 242; Tower Funding v Berry Realty, 302 AD2d at 514). Here, although the interest rate in *817the subject promissory note exceeded 16% per annum (see General Obligations Law § 5-501 [1], [2]; Banking Law § 14-a [1]; Tower Funding v Berry Realty, 302 AD2d at…
2Cases cited2 opinions
- Alvarez v. Prospect HospitalNew York Court of Appeals · 1986
- Tower Funding, Ltd. v. David Berry Realty, Inc.Appellate Division of the Supreme Court of the State of New York · 2003
3Cited by5 opinions
- Colonial Funding Network, Inc. v. Epazz, Inc.District Court, S.D. New York · 2017
- Fred Schutzman Co. v. Park Slope Advanced Medical, PLLCAppellate Division of the Supreme Court of the State of New York · 2015
- Pepin v. JaniAppellate Division of the Supreme Court of the State of New York · 2012
- Counsel Financial Services, Llc v. David McQuade Leibowitz and David McQuade Leibowitz, P. C., Texas Court of Appeals, 13th District2013
- Pepin v. JaniAppellate Division of the Supreme Court of the State of New York · 2012