Family Finance Corp. v. McNeilage

This is an action to recover the sum of $292.50, with interest. This sum is asserted to be the balance due on a loan made by the plaintiff to the defendant on August 22, 1940, io amount of $300, The plaintiff is a lender licensed to do business pursuant to article 9 of the Banking Law.

Part of the defense in this case is predicated upon the asserted failure of the plaintiff to comply with the provisions of section 353 of the Banking Law. The defendant contends that the statement delivered to him at the time the loan was made did not show the nature of the security, as required by that statute.…