Jamaica Savings Bank v. Halimi

This is an action in which the plaintiff, a bank as defined by subdivision 1 of section 2 and article 3 of the Banking Law, seeks to recover the unpaid balance due it pursuant to an installment note, executed in its favor by the defendants. The defendants, on April 19¿ 1971 executed the note in the sum of $6,608.40, payable in 60 monthly installments of $110 each, beginning on June 19, 1971. Interest, in the form of a discount, equal to the sum of $1,608.40, had already been calculated in determining the face amount of the note. In effect, therefore, the defendants, on a note or loan amount…