Citibank v. Liebowitz
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
It is well settled that when a contract provides for interest to be paid at a specified rate until the principal is paid, the contract rate of interest, rather than the legal rate set forth in CPLR 5004, governs until payment of the principal or until the contract is merged in a judgment (see, e.g., O’Brien v Young, 95 NY 428; Schwall v Bergstol, 97 AD2d 540; Astoria Fed. Sav. & Loan Assn. v Rambalakos, 49 AD2d 715; Stull v Joseph Feld, Inc., 34 AD2d 655).
The mortgage note at bar provides, in pertinent part, that the annual rate of interest on the principal sum of $150,000 is *61615%%, and that…
2Cases cited7 opinions
- O'Brien v. . YoungNew York Court of Appeals · 1884
- Metropolitan Savings Bank v. TuttleNew York Court of Appeals · 1943
- Stull v. Joseph Feld, Inc.Appellate Division of the Supreme Court of the State of New York · 1970
- Astoria Federal Savings & Loan Ass'n v. RambalakosAppellate Division of the Supreme Court of the State of New York · 1975
- Schwall v. BergstolAppellate Division of the Supreme Court of the State of New York · 1983
2 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- NML Capital v. Republic of ArgentinaNew York Court of Appeals · 2011
- NML Capital v. Republic of ArgentinaCourt of Appeals for the Second Circuit · 2010
- Paine Webber Jackson & Curtis, Inc. v. WintersConnecticut Appellate Court · 1990
- Marine Management, Inc. v. Seco Management, Inc.Appellate Division of the Supreme Court of the State of New York · 1991
- Emery v. Fishmarket Inn of Granite Springs, Inc.Appellate Division of the Supreme Court of the State of New York · 1991
17 more not listed; retrieve them via the Exa API.