Millican v. New York & Suburban Federal Savings & Loan Ass'n

This action was instituted by the plaintiff under the provisions of sections 5-501, 5-511 and 5-521 of the General Obligations Law to recover from the defendant, Savings and Loan Association, twice the amount of the interest allegedly paid by him on a mortgage loan.

Briefly stated, the sections in question set forth (1) the legal rate of interest that may be charged on loans and prohibit the charging or taking of interest in excess of that rate; (2) declare as usurious and void contracts which provide for sums to be paid in excess of the legal rate; and (3) prohibit corporations from…