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BIETOLA v. McCUE

308 A.D.2d 416 (2003)

764 N.Y.S.2d 692

JOSEPH BIETOLA, Appellant, v. WILLIAM T. McCUE, Defendant, and TERI TOWE, Respondent and Third-Party Plaintiff-Respondent. J.P. MORGAN CHASE & CO., Third-Party Defendant-Respondent.

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

Decided September 30, 2003.

Plaintiff is precluded from any recovery on this two-month loan, because the contracted rate of interest of 25% was clearly in violation of the prohibition against usury (see General Obligations Law § 5-501 et seq.; Banking Law § 14-a; Seidel v 18 E. 17th St. Owners, 79 N.Y.2d 735, 740 [1992]). Equally specious is plaintiff's effort to convert this action against...

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