Congress Financial Corp. v. Patti

Order entered on or about June 28, 1966, denying plaintiff’s motion to dismiss defendants’ affirmative defense of usury, unanimously reversed, on the law, and the motion granted, with $50 costs and disbursements to plaintiff. Pursuant to the conditional sales contract by which defendant purchased certain dry-cleaning machinery from Arco Machinery Corporation at the stated price of $41,690, defendants paid Arco $16,000 in cash and delivered to it a promissory note for $33,397 payable in 60 monthly installments, with provision for acceleration upon nonpayment of any installment. The $33,397…