Quimbee logo
DMCA.com Protection Status
From our private database of 18,800+ case briefs...

Ron King Corp. v. R. & R. Mohring Enterprises, Inc.

New York Supreme Court, Nassau County
2011 N.Y.Misc.Lexis 4642 (2011)


Facts

R. & R. Mohring Enterprises, Inc. (the company) (defendant) mortgaged its real property to Ron King Corporation (King) (plaintiff) in return for a commercial loan that would mature one year later. King charged a 2-percent ("two points") loan-origination fee, and the loan carried an 18-percent interest rate, which in case of default or if the loan remained unpaid by the maturity date would increase to 24 percent. The company never met its obligation to pay off the loan in monthly installments. King declared the company in default, and initiated foreclosure proceedings. In defense, the company argued that the loan was void and unenforceable, because the 24-percent default interest rate, when combined with the two-point loan origination fee, produced an effective interest rate of 26 percent, which exceeded the 25-percent maximum interest rate set by New York's usury statute.

Rule of Law

Issue

Holding and Reasoning (Sher, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 498,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 498,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 18,800 briefs, keyed to 985 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Questions & Answers


Have a question about this case?

Sign up for a free 7-day trial and ask it

Sign up for a FREE 7-day trial