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LLOYD CORP. v. HENCHAR, INC.

80 N.Y.2d 124 (1992)

Lloyd Capital Corporation, Respondent, v. Pat Henchar, Inc., et al., Appellants, et al., Defendants.

Court of Appeals of the State of New York.

Decided October 22, 1992.

Attorney(s) appearing for the Case

D'Ambrosio & D'Ambrosio, P. C., Irvington (John P. D'Ambrosio of counsel), for appellants.

Sherwood Gordon, Bellmore, for respondent.

Chief Judge WACHTLER and Judges SIMONS, TITONE, HANCOCK, JR., and BELLACOSA concur; Judge SMITH taking no part.

KAYE, J.

Is a loan agreement that violated Federal Small Business Administration (SBA) regulations unenforceable under New York law? In the circumstances presented, we agree with the Appellate Division that the borrowers' defense of illegality must be rejected and the debt enforced.

In September 1982, plaintiff, an investment company at that time licensed by the SBA, loaned $64,000 to defendant Pat Henchar...

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