Defendant borrowed $350,000 from plaintiff, giving a two-year note secured by a mortgage on the home she was buying. On its face, the note required payment of 10% annual interest rate, which is lower than the maximum legal rate for such loans, which is 16 percent (General Obligations Law § 5-501 [1]; Banking Law § 14-a [1]). However, in her verified answer, defendant alleged that, as a condition for making the loan, defendant's principal required her to make a cash...
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