Rinaldo v. Holdeen

Appeal from a judgment of the Supreme Court, Chenango County, in favor of respondent in the amount of $43,973. Appellant, an attorney, commenced an action alleging that on April 16, 1962 respondent, also an attorney, loaned him $40,000 in return for his execution of five $10,000 notes bearing interest at 6% payable in six months and a $50,000 second mortgage on an office building owned by appellant. He seeks cancellation of the notes and discharge of the mortgage on the grounds that the transaction was usurious and therefore void. Thereafter respondent started suit for repayment of the loans…