New York Court of Appeals Roundup: ‘Adar Bays’ Clarifies Usury Law Application
11.18.21
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In their column in the New York Law Journal, Litigation Partners Bill Russell and Linton Mann III discuss Adar Bays v. GeneSys ID, where the Court of Appeals clarified the application of state usury laws to corporations and to stock conversion options. The Court held that loans to corporations in violation of the criminal usury limit are void and unenforceable and that the value of a stock conversion option should be factored into the interest rate calculation in making that determination.
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