Florida Land Holding Corp. v. Burke

The court quite agrees with the defendant that this action is brought upon the latter’s notes and not upon a deficiency judgment. The notes represent deferred payments of the purchase price of real property, and, therefore, the fact that they provide for a rate of interest in excess of six per cent does not render them usurious even if their validity is governed by the laws of this State. (McAnsh v. Blauner, 222 App. Div. 381; affd., 248 N. Y. 537; 39 Cyc. 928.) Nor is the situation affected by the circumstance that the notes also bear interest at the rate of eight per cent per annum after…