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Breach of Contract › New York › Usury

King & Spalding

New York Court Holds That Usury Is Determined by Total Amount of Loan, Not Amount Actually Advanced

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On February 1, 2024, a New York trial court held that the amount of a loan, and not the amount actually advanced to the borrower, is the relevant measurement to determine if New York’s criminal usury statute applies....more

King & Spalding

New York Trial Court Holds that Strong Public Policy Commitment to Fair Lending Practices Defeats Loan Agreement’s Choice of Law...

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On September 5, 2023, a New York state court invalidated a loan agreement’s choice of law provision, ruling that the loan agreement was void and depriving the lender of both principal and interest payments. The lender, Samson...more

Gray Reed

Could Corporate Convertible Loans be Subject to Criminal Usury Laws in New York?

Gray Reed on

In Adar Bays, LLC v. GeneSYS ID, Inc., the New York Court of Appeals (the “Court”) held that the conversion price in a convertible option could be classified as interest thereby potentially falling under the territory of New...more

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