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Posts Categorized: Usury

Posted: May 10, 2016

Lender May Charge Reasonable Expenses Attendant to Loan Without Making Loan Usurious

On May 2, 2016, Justice Emerson of the Suffolk County Commercial Division issued a decision in Aquila v. Rubio, 2016 NY Slip Op. 50682(U), holding that a lender may charge for its reasonable expenses attendant to making a loan without making the loan usurious. In Aquila, the plaintiff loaned the defendant’s decedent $900,000 “for a… Read more »

Posted: April 25, 2015

Heter Iska Enforced as a Note, Not a Partnership Agreement

On April 15, 2015, Justice Demarest of the Kings County Commercial Division issued a decision in Kirzner v. Plasticware, LLC, 2015 NY Slip Op. 50533(U), enforcing a note that had certain characteristics of a partnership agreement. In Kirzner, the plaintiff moved for summary judgment on its claims based on a promissory note. The defendants’ arguments… Posted in Commercial, Usury

Posted: June 14, 2014

Personal Guaranty Unenforceable Because Loan was Usurious

On June 3, 2014, Justice Demarest of the Kings County Commercial Division issued a decision in Sasidharan v. Piverger, 2014 NY Slip Op. 50890(U), refusing to enforce a personal guaranty because the loan it guaranteed was usurious. In Sasidharan, the plaintiffs sued a guarantor for payment on a guaranty. The trial court granted the guarantor’s motion… Read more »