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Szerdahelyi v. Harris

490 N.E.2d 517, 67 N.Y.2d 42 (1986)

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Szerdahelyi v. Harris

New York Court of Appeals
490 N.E.2d 517, 67 N.Y.2d 42 (1986)

LJ

Facts

Nelly Szerdahelyi (plaintiff) was a tenant in an apartment building that was being converted to cooperative ownership. Szerdahelyi wished to purchase her unit but was unable to secure a conventional mortgage, and she consulted her roommate’s attorney, Martin Harris (defendant), for assistance with financing. After unsuccessfully attempting to obtain conventional financing on Szerdahelyi’s behalf, Harris arranged a one-year loan for Szerdahelyi with one of his clients in the amount of $25,000 with an interest rate of 21 percent. At the time, the maximum allowable interest rate under New York law was 16 percent. Harris incorrectly advised Szerdahelyi that a loan with a rate of 21 percent was permissible. Szerdahelyi paid interest on the loan for 11 months. Fifteen days before the loan was due, Szerdahelyi’s attorney contacted Harris alleging that the loan was usurious. Harris attempted to refund Szerdahelyi the excess interest paid. Szerdahelyi rejected the payment and filed suit seeking a declaration that the loan was usurious, illegal, and therefore void. Harris argued that invalidating the loan would be contrary to the General Obligations Law § 5-519. The trial court granted summary judgment in Szerdahelyi’s favor. The appellate court reversed and remanded the matter back for trial. Szerdahelyi appealed.

Rule of Law

Issue

Holding and Reasoning (Simons, J.)

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