Legal Opinion
Band Realty Co. v. North Brewster, Inc.
New York Court of Appeals
Decided July 8, 1975PublishedCited by 30 opinions
1Opinion of the CourtJones, J.
We hold that the courts should not substitute the so-called "present value” method of computing interest, although arithmetically more precise, for the traditional method of computation in determining whether interest is usurious.
Respondent corporation made a mortgage loan to appellant corporation in the amount of $300,000. Pursuant to the terms of the loan agreement, the lender retained a 13% discount ($39,000) and the borrower agreed to pay interest on the face amount of the mortgage at the rate of 8% per annum, payable in 12 monthly installments of $2,000 each, and then to repay the…
2Cases cited7 opinions
- Giventer v. ArnowNew York Court of Appeals · 1975
- Feldman v. Kings Highway Savings BankAppellate Division of the Supreme Court of the State of New York · 1951
- Feldman v. Kings Highway Savings BankNew York Court of Appeals · 1951
- Marvine v. . HymersNew York Court of Appeals · 1855
- International Bank v. . BradleyNew York Court of Appeals · 1859
2 more not listed; retrieve them via the Exa API.
3Cited by30 opinions
- Hammelburger v. Foursome Inn Corp.New York Court of Appeals · 1981
- Giventer v. ArnowNew York Court of Appeals · 1975
- Matter of Carla Leather, Inc.United States Bankruptcy Court, S.D. New York · 1984
- Miller Planning Corp. v. WellsAppellate Division of the Supreme Court of the State of New York · 1998
- Fareri v. Rain's International Ltd.Appellate Division of the Supreme Court of the State of New York · 1992
25 more not listed; retrieve them via the Exa API.