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INDUS. DEV. BANK v. BIER

149 Misc.2d 797 (1991)

Industrial Development Bank of Israel Limited, Plaintiff, v. Jules Bier et al., Defendants.

Supreme Court, New York County.

January 14, 1991

Attorney(s) appearing for the Case

Easton & Echtman (Irwin M. Echtman and Stuart F. Cartoon of counsel), for plaintiff. Tenzer, Greenblatt, Fallon & Kaplan (Harris N. Cogan and John P. Bevilacqua of counsel), for defendants.

EDWARD H. LEHNER, J.

The principal issue in this case is whether this State should enforce a loan agreement, executed in Israel between Israeli residents and to be performed there, which, as a consequence of the provision calling for a variable rate of interest linked to the Israeli consumer price index, is claimed to result in a rate of interest that exceeds the...

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