Vacating a Judgment by Confession Due to Fraud
- Jul 29 2024
By Jeffrey M. Haber A confession of judgment is an agreement whereby a defendant or debtor agrees to the entry of judgment against him/her in an amount certain. It is a …
Category: Usury
SECOND DEPARTMENT FINDS LOAN IS NOT SUBJECT TO USURY LAWS BECAUSE PRINCIPAL VALUE EXCEEDS $2,500,000
- Mar 8 2024
By Jonathan H. Freiberger Folks have general notions about usury. However, there are many nuances to the application of the usury laws in New York. This BLOG has previously written …
Second Department Finds That Merchant Agreement Is A Criminally Usurious Loan
- Nov 17 2023
By Jonathan H. Freiberger Today’s Blog article is about usury, a topic that has previously been covered. See, e.g., [here], [here], [here], [here]. Society’s disdain for usury was recently articulated …
Is it A Usurious Loan or The Sale of a Receivable?
- Sep 13 2023
By: Jeffrey M. Haber In our last article (here), we examined a choice-of-law provision that, if applied, would violate New York public policy concerning usurious loans. In that case, Virginia …
Choice of Law Provision Held Invalid Because Its Application Violates New York Public Policy
- Sep 11 2023
By: Jeffrey M. Haber It is well settled that parties to a contract are free to include choice-of-law provisions in their agreements. Such provisions are generally enforced by New York …
Agreements That Are Not Loans Are Not Subject to New York’s Usury Statutes
- Dec 22 2021
By: Jeffrey M. Haber “A transaction … is usurious under criminal law when it imposes an annual interest rate exceeding 25%.”1 General Obligations Law § 5–521 bars a corporation from asserting …
Litigation Funding Agreements and Usury
- Dec 7 2018
If anyone is wondering why seemingly high-cost “loans” by litigation funding companies are not considered usurious, the Appellate Division, First Department, explained why in Cash4Cases, Inc. v. Brunetti (December 6, …
