Category: Usury

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

On October 4, 2022, the First Department issued a decision in Kuriyan v. Schreiber, 2022 NY Slip Op. 05499, holding that a complaint failed to allege facts supporting the special relationship exception to a usury defense . . . Continue reading Complaint Fails to Allege Facts Supporting Special Relationship Exception to Usury Defense

On August 18, 2022, Justice Cohen of the New York County Commercial Division issued a decision in GS Capital Partners, LLC v. FTE Networks, Inc., 2022 NY Slip Op. 22286, holding that the Court of Appeals’ decision in Adar Bay regarding the application of New York’s usury laws applies retrospectively . . . Continue reading Adar Bays Usury Decision Applies Retrospectively

On March 25, 2022, Justice Ruchelsman of the Kings County Commercial Division issued a decision in Hi Bar Capital LLC v. Parkway Dental Servs., LLC, 2022 NY Slip Op. 30989(U), holding that a cash advance agreement was not a usurious loan . . . Continue reading Cash Advance Agreement Not Usurious Loan

On January 7, 2022, Justice Odorisi of the Seventh Judicial District Commercial Division issued a decision in American Water Restoration, Inc. v. AKF Inc., 2022 NY Slip Op. 50030(U), holding that a receivables sale contract was not an usurious loan . . . Continue reading Court Rejects Argument that Receivables Sale Contract is an Usurious Loan