Ocean View Realty Co. v. Ziss
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
The defendant executed a promissory note (hereinafter the note) on July 8, 2004, in which he agreed to pay the plaintiffs’ *873attorney $814,500 in one lump sum on December 31, 2004, together with all accrued interest thereon, at a rate of 12% per annum. According to the note, if the defendant failed to pay in full on December 31, 2004, interest would accrue on the outstanding principal and unpaid accrued interest “at a rate equal to the maximum interest rate permitted by applicable law.” The plaintiffs commenced this action by moving pursuant to CPLR 3213 for summary judgment in lieu of…
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