January 2008 Archives

Question of Usury Precludes Judgment

January 22, 2008

Plaintiff sued to enforce a note. Defendant claimed that the Note included an amount of interest which was usurious, thus rendering the Note unenforceable. Plaintiff claimed that defendant, who in the past had been his attorney, knew or should have known that the interest was usurious and could not raise that as a defense. The court found that although plaintiff was a sophisticated businessman and should have known if the loan was usurious, it was not completely certain how much of the repayment amount was interest and therefore denied summary judgment.