Shapiro v. Weissman

This is an action to foreclose a mortgage given by the defendants as collateral security for their written personal guarantee of a corporate obligation. The defense of usury has been interposed.

In support of their defense defendants have endeavored to prove that the loan was in fact made to these defendants personally but that the corporate form was used as a disguise so that a rate of interest in excess of the legal rate might be exacted.

The facts and proof do not support defendants’ position. The New Hyde Park Auto Covers, Inc. was incorporated in or about *408June or July, 1956, and conducted…