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NORTH AMER. BANK v. SCHULMAN

123 Misc.2d 516 (1984)

North American Bank, Ltd., Plaintiff, v. Susie Schulman et al., Defendants.

County Court, Westchester County.

March 8, 1984

Attorney(s) appearing for the Case

Corwin & Friedman for plaintiff. Sukenik, Segal & Graff, P. C., for defendants.

PETER P. ROSATO, J.

By way of a loan agreement executed in New York on November 27, 1981, defendant Susie Schulman borrowed $8,500 from plaintiff. Plaintiff is an Israeli bank with a branch in New York State. Defendants are residents of Westchester County. Pursuant to paragraph 5 (a) of said agreement, the interest rate on the loan was to be 6¼% in excess of the Eurodollar rate, which was, as of the date in question, 12%. Therefore, under this formula...

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