Legal Opinion
People v. Central Federal Savings & Loan Ass'n
New York Court of Appeals
Decided December 6, 1978Published
1Opinion of the Court
OPINION OF THE COURT
Jones, J.
A commitment fee paid by a developer to a lender to reserve funds for future mortgage loans to individual home*44owners is not to be considered any part of the interest paid by the mortgagor for purposes of applying the usury statute.
The Attorney-General’s complaint alleges that in May, 1973 Central Federal Savings and Loan Association of Nassau County agreed with the sponsor-developer of a condominium housing project to reserve $7,500,000 from which to make future purchase-money mortgage loans to individuals to finance the acquisition of condominium units in the…
2Cases cited5 opinions
- Boston Road Shopping Center, Inc. v. Teachers Insurance & Annuity Ass'nAppellate Division of the Supreme Court of the State of New York · 1961
- Boston Rd. Shopping Ctr., Inc. v. Teachers Ins. & Annuity Ass'n of Am.New York Court of Appeals · 1962
- Bevier v. . CovellNew York Court of Appeals · 1881
- Fort M Development Corp. v. Inland Credit Corp.Appellate Division of the Supreme Court of the State of New York · 1976
- Fort M Development Corp. v. Inland Credit Corp.New York Court of Appeals · 1977