In Nextbridge Arc Fund, a mortgage note provided that the annual interest rate in the event of a default would increase to the lower of either 18% above the current rate or "the highest rate allowed by law."
Summary of this case from Madden v. Midland Funding, LLCMarch 21, 2011.
Pleading — Summons — Amendment — Typographical Error. Usury — Criminal Usury.
In Nextbridge Arc Fund, a mortgage note provided that the annual interest rate in the event of a default would increase to the lower of either 18% above the current rate or "the highest rate allowed by law."
Summary of this case from Madden v. Midland Funding, LLCFull title:Nextbridge Arc Fund, LLC v. Vadodra Prop., LLC
Court:Supreme Court of the State of New York. Queens County
Date published: Mar 21, 2011
In any event, several more recent New York cases have held that, where a contract provision allows collection…
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