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BOROWSKI v. FALLEDER

296 A.D.2d 301 (2002)

744 N.Y.S.2d 177

CLEORA BOROWSKI, Respondent, v. ARNOLD FALLEDER, Appellant.

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

Decided July 2, 2002.

Plaintiff's action is based on the promissory notes which purported to obligate defendant to repay personal loans at an interest rate of at least 18% per annum. General Obligations Law § 5-501 deems a loan usurious if it exceeds 16% per annum (see, Tri-Land Props. v 115 W. 28th St. Corp., 260 A.D.2d 295, 296). Usurious loans are void as a matter of law; the borrower is relieved of all further obligations to pay both the principal...

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