Legal Opinion
New York Credit Men's Ass'n v. Manufacturers Discount Corp.
New York Supreme Court
Decided November 20, 1945PublishedCited by 7 opinions
1Opinion of the CourtHofstadter, J.
The present action is clearly equitable in nature. The complaint does not merely ask that the pledge of "merchandise and accounts receivable with defendant be declared void for usury, as In Re Prince (89 F. 2d 681). It asks, in addition, for an accounting of the sums received by defendant on the accounts receivable since the bankruptcy.
It is the settled law of this State that in order to obtain equitable relief based on usury the plaintiff must tender back the principal borrowed together with interest at the legal rate. Under the provisions of section 377 of the General Business Law, as…
2Cases cited8 opinions
- Wheelock v. . LeeNew York Court of Appeals · 1876
- In Re PrinceCourt of Appeals for the Second Circuit · 1937
- Rice v. SchneckAppellate Division of the Supreme Court of the State of New York · 1919
- Charness v. KatzDistrict Court, E.D. Wisconsin · 1943
- Rice v. . SchneckNew York Court of Appeals · 1920
3 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Monclova v. Financial Credit Corp.Supreme Court of Puerto Rico · 1961
- Adele Speare and George Speare, Individually and as Co-Partners Doing Business as the Agora Prime Rib Restaurant and the Co-Partnership of the Agora Prime Rib Restaurant. Adele Speare and George Speare, Debtors in Possession, Consolidated Assets Corporation, Appellee-AppellantCourt of Appeals for the Second Circuit · 1966
- Potter v. DubnoffCourt of Appeals for the Second Circuit · 1966
- McNellis v. RaymondDistrict Court, N.D. New York · 1971
- McNellis v. DubnoffCourt of Appeals for the Second Circuit · 1966
2 more not listed; retrieve them via the Exa API.