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ADAR BAYS, LLC v. GENESYS ID

No. 51.

37 N.Y.3d 320 (2021)

179 N.E.3d 612

157 N.Y.S.3d 800

2021 NY Slip Op 05616

ADAR BAYS, LLC, Respondent, v. GENESYS ID, INC., Formerly Known as RX SAFES, INC., Appellant.

Court of Appeals of New York.

Decided October 14, 2021.

Attorney(s) appearing for the Case

The Basile Law Firm P.C., Jericho ( Marjorie M. Santelli and Mark R. Basile of counsel), and Phillipson & Uretsky, LLP, New York City ( Jonathan Uretsky of counsel), for appellant.

Garson, Segal, Steinmetz, Fladgate LLP, New York City ( Kevin Kehrli , Michael M. Steinmetz and Maddie Brown of counsel), for respondent.

Naidich Wurman, LLP, Great Neck ( Richard S. Naidich , Bernard S. Feldman and Robert P. Johnson of counsel), for Power Up Lending Group; Ltd., amicus curiae.

OPINION OF THE COURT

The United States Court of Appeals for the Second Circuit has certified two questions to our Court:

"1. Whether a stock conversion option that permits a lender, in its sole discretion, to convert any outstanding balance to shares of stock at a fixed discount should be treated as interest for...

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