Simpson Factors Corp. v. Lipman

Plaintiff sues for the reformation of a note in the sum of $10,000 claiming mutual mistake by reason of which the demand note provides for the payment of interest at the rate of 7.2% per annum instead of 6% per annum as agreed. At the same time the parties engaged in a factoring agreement and the plaintiff received as security 15 shares of stock. Defendant has interposed two defenses and a counterclaim. By motion made pursuant to rule 109 of the Rules of Civil Practice plaintiff seeks an order striking out the defense of usury and, by cross motion, defendant moves for temporary *746injunction…