Mercury Capital Corp. v. McGeean

Full title: MERCURY CAPITAL CORP., Respondent, v. CHARLES A. McGEEAN et al., Appellants

Court: Appellate Division of the Supreme Court of New York, Second Department

Date published: Jun 13, 1994

205 A.D.2d 596 (N.Y. App. Div. 1994)

614 N.Y.S.2d 292

Opinion

June 13, 1994

Appeal from the Supreme Court, Nassau County (Becker, J.).

Ordered that the order is affirmed, with costs.

The Supreme Court properly concluded that, as a matter of law, the subject loan qualifies as a "federally related mortgage loan", such that State usury laws do not apply (see, 12 U.S.C. § 1735f-7a, 1735f-5 [b]; Banking Law § 14-a). Because the appellants do not dispute allegations that they defaulted on the loan, the plaintiff is entitled to foreclose on the mortgage.

We have considered the appellants' remaining contentions, and find them to be without merit. Ritter, J.P., Copertino, Santucci and Hart, JJ., concur.