SEIDEL v. 18 E 17TH ST OWNERS


79 N.Y.2d 735 (1992)

Esther Seidel et al., Respondents, v. 18 East 17th Street Owners, Inc., et al., Appellants, et al., Defendants.

Court of Appeals of the State of New York.

Decided July 2, 1992.


Attorney(s) appearing for the Case

Jacob B. Ward for Southside Development Company, appellant.

Marvin S. Lerman for 18 East 17th Street Owners, Inc., appellant.

Matthew Dollinger, Floyd G. Grossman and Michael J. Spithogiannis for respondents.

Chief Judge WACHTLER and Judges SIMONS, TITONE, HANCOCK, JR., and BELLACOSA concur.


KAYE, J.

In this mortgage foreclosure action, plaintiff-lenders seek to preclude a defense of usury, on the ground that the defense was waived by defendant-borrowers, that they are estopped from raising the defense, or that it is otherwise unavailable to them. We reject the lenders' arguments, and dismiss their action to enforce a concededly usurious loan.

I.

In October 1982, Southside Development...

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