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BANK LEUMI TRUST CO. OF NEW YORK v. SANFORD ROSS MGMT., LTD.

101 A.D.2d 759 (1984)

Bank Leumi Trust Company of New York, Appellant, v. Sanford Ross Management, Ltd., et al., Respondents

Appellate Division of the Supreme Court of the State of New York, First Department.

May 15, 1984

¶ The law is well established that when a contract or commercial instrument states that interest shall be paid at a specified rate until the principal debt is extinguished, then the contract rate, rather than the statutory rate, governs the rate of interest applicable after maturity and until the contract is merged into a judgment. (Metropolitan Sav. Bank v Tuttle, 290 N.Y. 497; Astoria Fed. Sav. & Loan Assn. v Rambalakos, 49 A.D.2d...

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