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MACHIDERA INC. v. TOMS

258 A.D.2d 418 (1999)

685 N.Y.S.2d 719

MACHIDERA INC., Respondent, v. NEWBY TOMS, Appellant.

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

Decided February 25, 1999.

The agreements sued upon are clearly instruments for the payment of money only, since repayment of the amounts owed is not conditional, and is required at a fixed maturity date (see, Weissman v Sinorm Deli, 88 N.Y.2d 437, 443-444). Contrary to defendant's claim, restrictions upon usurious loans are not applicable to the loans here at issue since the amounts involved were over $250,000 (see, General Obligations Law § 5...

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