Reschke v. Eadi

Order reversed, with costs, and action dismissed. Memorandum: This is an action brought pursuant to CPLR 3213 seeking accelerated judgment on a promissory note. Defendant appeals from Special Term’s order, and the judgment entered thereon which ordered him to pay plaintiff $5,100, plus interest at 8% per annum from the date of the note. He alleges that the note is unenforceable because it demands a usurious rate of interest (General Obligations Law, § 5-511, subd 2). We agree. By the terms of note, plaintiff agreed to advance defendant the sum of $14,000, the term of the loan not to exceed…