Blue Chip Coffee, Inc. v. Applebaum

OPINION OF THE COURT

Herbert Kramer, J.

A motion was made for summary judgment pursuant to CPLR 3213 based on a promissory note. A cross motion for reverse summary judgment was made on the ground that the note in question was usurious under applicable New York law. The reply papers indicated that during the period in question, the New York usury law (General Obligations Law § 5-501) was preempted by 12 USC § 86a* in the case of business or agricultural loans. Defendant now contends that the said statute is not applicable to loans made by non-Federal banks. In a case of first *964impression in New…