United States Second Circuit

Loans bearing annual interest rates exceeding 25% violate the plain language of New York's criminal usury statute and are void ab initio; thus, the expungement of such loans, as unsecured claims against a bankruptcy estate, is warranted.

Appellate Information

• Argued 10/17/2001
• Decided 03/01/2002
• Published 03/05/2002

Judges

• JACOBS, Circuit Judge., Before:  MESKILL, JACOBS, Circuit Judges, and LYNCH, District Judge.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Charles L. Mester,The Law Offices of Charles L. Mester, New York, NY, for Appellants.


• For Appellees:
  
• Eliot Lauer, Curtis, Mallet Prevost, Colt & Mosle LLP, New York, N.Y. (Lee Stremba, Jenkins & Gilcrist Parker Chapin LLP, on the brief), for Appellee.