Exchange Leasing Corp. v. Bundy

Judgment and order unanimously modified by reversing and deleting that portion thereof which awards judgment against the defendant Bundy on the first cause of action contained in the complaint and otherwise affirmed, with costs to the appellant-defendant Bundy. Memorandum: The determination of Special Term was based largely upon the rule that the defense of usury is unavailable to the corporate appellants-defendants and their individual guarantor, defendant-appellant Bundy. (General Phoenix Corp. v. Cabot, 300 1ST. Y. 87.) We do not disagree with this rule or its application as to causes of…