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INDUS. DEV. BANK OF ISRAEL LTD. v. BIER

182 A.D.2d 570 (1992)

Industrial Development Bank of Israel Limited, Respondent, v. Jules Bier et al., Appellants

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

April 28, 1992

The IAS court properly granted plaintiff's summary judgment motion on the issue of defendants' liability to plaintiff as guarantors of several loans executed between plaintiff and Flair (Israel) Ltd. in Israel. The defense of usury is unavailable to defendants since Israeli law, which permits interest rates to be linked to foreign currency exchange rates and indexed to the cost of living, is applicable under the doctrine of comity (Conner Gen. Contr. v Rols Capital Co...

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