Court Refuses to Enforce Choice of Law Provision That Would Have Saved Contract that was Usurious Under New York Law

Court Refuses to Enforce Choice of Law Provision That Would Have Saved Contract that was Usurious Under New York Law

On September 5, 2023, Justice Doyle of the 7th Judicial District Commercial Division issued a decision in Samson Lending LLC v. Greenfield Mgt. LLC, 2023 NY Slip Op. 23267, refusing to enforce a choice of law provision that would have saved a contract that was usurious under New York law . . . Continue reading Court Refuses to Enforce Choice of Law Provision That Would Have Saved Contract that was Usurious Under New York Law

Presence of Reconciliation Provision Key Finding that Agreement Was Not an Usurious Loan

Presence of Reconciliation Provision Key Finding that Agreement Was Not an Usurious Loan

On September 23, 2022, Justice Ruchelsman of the Kings County Commercial Division issued a decision in West Coast Bus. Capital LLC v. NP Skyloft IB LLC, 2022 NY Slip Op. 33493(U), holding that the presence of a reconciliation provision was key to the finding that a cash advance agreement was not an usurious loan . . . Continue reading Presence of Reconciliation Provision Key Finding that Agreement Was Not an Usurious Loan