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CHEM. BANK v. PADILLA

71 Misc.2d 964 (1972)

Chemical Bank, Appellant, v. Lorenzo F. Padilla, Respondent.

Supreme Court, Appellate Term, First Department.

October 5, 1972

Attorney(s) appearing for the Case

Cravath, Swaine & Moore (Philip P. Berelson of counsel), for appellant. William J. Lake for respondent. Nathaniel R. Jones and Charles E. Carter for NAACP, amicus curiae. John Leferovich, Jr., for New York State Bankers Association, amicus curiae.

Concur — MARKOWITZ, J. P., GOLD and STREIT, JJ.

Per Curiam.

Defendant's tender on prepayment was below the minimum payment computed by the method set forth in section 108 (subd. 4, par. [e]) of the Banking Law. The contention that such method is violative of the general usury statutes (General Obligations Law, § 5-501, implemented by Banking Law, § 14-a), fails to take account of the fact that those statutes explicitly state "except as otherwise provided by law". Section 108 of the Banking Law...

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