DeSimon v. Ogden Associates
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
O’Connor, J.
The question for decision is whether seller-sponsor financing of the purchase of shares in a co-operative housing corporation by the tenants of the apartment building undergoing conversion is a loan subject to the prohibition and forfeiture provisions of the usury laws. We hold that it is not.
FACTS
Defendant Ogden Associates, a partnership, sponsored a co-operative housing conversion plan under sections 352-e and 352-eee of the General Business Law for a residential property it owned in Bronxville, Westchester County. It had formed a corporation for that purpose…
2Cases cited41 opinions
- Schermerhorn v. . TalmanNew York Court of Appeals · 1856
- Payne v. . BurnhamNew York Court of Appeals · 1875
- Elwell v. . ChamberlinNew York Court of Appeals · 1864
- Quackenbos v. . SayerNew York Court of Appeals · 1875
- Sattler v. . HallockNew York Court of Appeals · 1899
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3Cited by13 opinions
- Wallace Steel, Inc., Plaintiff-Appellant-Cross-Appellee v. Ingersoll-Rand Company, Defendant-Appellee-Cross-AppellantCourt of Appeals for the Second Circuit · 1984
- Rozsa v. May Davis Group, Inc.District Court, S.D. New York · 2001
- In Re General American Communications Corp.United States Bankruptcy Court, S.D. New York · 1986
- Savasta v. 470 Newport AssociatesAppellate Division of the Supreme Court of the State of New York · 1992
- Stelco Industries, Inc. v. ZanderConnecticut Appellate Court · 1985
8 more not listed; retrieve them via the Exa API.