Silverman & Kantrowich, Inc. v. Liebers

The action is for breach of a written contract by which defendant it is claimed agreed to lend plaintiff *583$40,000. The defense sought to be stricken out alleges that defendant was to receive a bonus of $10,500 for the loan, and that defendant rescinded the agreement on learning that this payment would make the agreement illegal and usurious. As plaintiff, the borrower, was a corporation, the usury laws of this State have no application to it. (Gen. Bus. Law, § 374; Moers v. American Exch. Nat. Bank, No. 1, 208 App. Div. 473; Rosa v. Butterfield, 33 N. Y. 665; MacQuoid v. Queens Estates, 143…