Legal Opinion
Clark v. Daby
Appellate Division of the Supreme Court of the State of New York
Decided March 21, 1996PublishedCited by 2 opinions
1Opinion of the Court
—White, J.
The principal issue presented is whether a bond executed on October 23, 1980, obligating defendant to pay plaintiffs $32,748.98 on October 23, 1982 with interest at the rate of 131/2% per annum in monthly installments of $50 commencing on November 1, 1980, is usurious. For the reasons that follow, we hold that it is and, accordingly, affirm Supreme Court’s order dismissing plaintiff’s complaint in this action to foreclose a mortgage, nullifying the bond and canceling the mortgage securing the bond.
*975The usury statute prohibits any person from, directly or indirectly, charging interest…
2Cases cited6 opinions
- Seidel v. 18 East 17th Street Owners, Inc.New York Court of Appeals · 1992
- Giventer v. ArnowNew York Court of Appeals · 1975
- In re the Estate of DaneAppellate Division of the Supreme Court of the State of New York · 1976
- Fareri v. Rain's International Ltd.Appellate Division of the Supreme Court of the State of New York · 1992
- Rebeil Consulting Corp. v. LevineAppellate Division of the Supreme Court of the State of New York · 1994
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3Cited by2 opinions
- Clark v. DabyAppellate Division of the Supreme Court of the State of New York · 2002
- In Re Venture Mortgage Fund, L.P.United States Bankruptcy Court, S.D. New York · 2000