Usury and When is a Loan a Loan

August 2, 2017

New York, like many states, provides a usury defense against enforcement of certain loans, which stated simply means that if the interest rate is too high, the borrower can avoid repayment.  Usury applies to non-contingent loans (e.g. the lender has an absolute right to payment), and does not apply to investments where returns are based … Continue reading Usury and When is a Loan a Loan

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