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JAMAICA SAV. BANK v. ASCOT OWNERS, INC.

245 A.D.2d 20 (1997)

665 N.Y.S.2d 858

Jamaica Savings Bank FSB, Respondent, v. Ascot Owners, Inc., Appellant, et al., Defendants

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

December 4, 1997

It is well settled that an agreement to pay interest at a higher rate in the event of default or maturity is an agreement to pay interest and not a penalty (Union Estates Co. v Adlon Constr. Co., 221 N.Y. 183, 187; Ruskin v Griffiths, 269 F.2d 827, 832, cert denied 361 U.S. 947). Exactly what defendant hopes to uncover through further disclosure that would justify avoidance of this proposition is not clear. The prior...

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