On December 17, 1968, after repeated requests by decedent that appellant loan him $10,500, the latter drew a demand note in that amount and with decedent's consent fixed the interest rate at 7½% per annum, the then maximum annual interest permitted being 7¼% (3 NYCRR 4.1). Decedent executed the note and appellant gave him the full amount of the note in cash. After letters of coadministration...
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