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MANDELINO v. FRIBOURG

23 N.Y.2d 145 (1968)

James Mandelino, Respondent, v. Louis M. Fribourg et al., Appellants.

Court of Appeals of the State of New York.

Decided November 14, 1968.

Attorney(s) appearing for the Case

Albert W. Fribourg and Louis M. Fribourg, in person, for appellants.

Bernard Meyerson and Milton S. Leibel for respondent.

Chief Judge FULD and Judges BURKE, SCILEPPI, KEATING, BREITEL and JASEN concur.

BERGAN, J.

Plaintiff, a real estate broker, purchased from defendants a building in Flatbush Avenue, Brooklyn, for $15,500. He paid $1,000 in cash and executed a purchase-money mortgage for $14,500. The purchase-money mortgage in terms required the payment of 7% interest. This was in January, 1964. The statute on usury then in effect (General Business Law, former §§ 370, 371) prescribed the rate of...

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