On September 15, 2023, Justice Borrok of the New York County Commercial Division issued a decision in People v. Richmond Capital Group LLC, 2023 NY Slip Op. 50975(U), holding that agreements were usurious loans, not merchant cash advance agreements . . . Continue reading Agreements Found to be Usurious Loans, Not Merchant Cash Advance Agreements
On July 25, 2023, Justice Driscoll of the Nassau County Commercial Division issued a decision in Singh v. LCF Group, Inc., 2023 NY Slip Op. 33014(U), rejecting a claim that a merchant cash advance agreement was an usurious loan . . . Continue reading Court Rejects Claim that Merchant Cash Advance Agreement Was an Usurious Loan
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
On April 26, 2023, the Second Department issued a decision in Bono v. Stim & Warmuth, P.C., 2023 NY Slip Op. 02099, holding that a criminal usury defense does not apply if the excessive rate applies only after default . . . Continue reading Criminal Usury Defense Does Not Exist if Excessive Rate Applies Only After Default
On February 28, 2023, Justice Borrok of the New York County Commercial Division issued a decision in Spin Capital, LLC v. Golden Foothill Ins. Servs., LLC, 2023 NY Slip Op. 30594(U), declining to recharacterize purchase agreements as loans for purposes of usury . . . Continue reading Court Declines to Recharacterize Purchase Agreements as Loans
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
