Woodhouse, Drake & Carey, Ltd. v. Anderson

Plaintiff, suing as the alleged holder in due course of a promissory note, executed by defendant, moves for summary judgment. In opposition to the motion and in support of defendant’s cross motion for leave to serve an amended answer, defendant asserts, and asks leave to interpose as defenses, that: (1) the note is unenforceable as usurious; (2) it was made, executed and delivered without consideration, for the accommodation of defendant’s employer; (3) plaintiff is not a holder in due course; and (4) sections 5-501 of the General Obligations Law and 14-a of the Banking Law are…