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JMD HOLDING CORP. v. CONGRESS FINANCIAL CORPORATION

309 A.D.2d 645 (2003)

765 N.Y.S.2d 848

JMD HOLDING CORP., Respondent, v. CONGRESS FINANCIAL CORPORATION, Appellant, et al., Defendant.

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

Decided October 23, 2003.

Since the liquidated damages clauses upon which appellant lender relies purport to entitle it to sums disproportionate to its potential damages, and the amount of actual principal and interest owed by the borrower under the agreement is precisely ascertainable, the motion court properly found the liquidated damages clauses unenforceable as exacting a penalty (see Truck Rent-A-Center v Puritan Farms 2nd,

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