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GALATTI v. ALLIANCE FUNDING CO., INC.

228 A.D.2d 550 (1996)

644 N.Y.S.2d 330

Stephen Galatti, Jr., et al., Appellants, v. Alliance Funding Company, Inc., et al., Respondents

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

June 17, 1996

Ordered that the order is affirmed insofar as appealed from, with costs.

Contrary to the plaintiffs' contention, the Supreme Court properly dismissed their first cause of action to recover damages based upon an allegedly usurious second mortgage note. The record unequivocally demonstrates that the note was exempt from the general prohibition against usury since the original mortgagee was a licensed mortgage banker (see, Banking Law § 590-a [1];

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