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MIRAND v. CITY OF NEW YORK

221 A.D.2d 194 (1995)

633 N.Y.S.2d 167

Virna Mirand et al., Respondents, v. City of New York, Defendant, and Board of Education of the City of New York, Appellant

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

November 9, 1995

While General Municipal Law § 3-a provides for an interest rate not in excess of 9%, CPLR 5004 prohibits a lower rate except where authorized by statute (Carson v New York City Health & Hosps. Corp., 178 A.D.2d 265). Thus, there is no merit to defendant's contention that the rate of interest is a discretionary determination that in the instant case should take into account prevailing market rates...

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