Equilease Corp. v. Belk Hotel Corp.

MORRIS, Chief Judge.

On appeal, defendants rest primarily on their contention that the trial court erred in determining that the loan and security agreement were governed by New York law rather than North Carolina law, therefore concluding that the loan transaction was not usurious. Defendants rely upon three theories which they contend support a conclusion that North Carolina law governs the transaction, despite the fact that the language of the documents specifically recites that New York law governs. It is uncon-troverted by defendants that, in the absence of an intent to evade North…