50 A.D.2d 843 | N.Y. App. Div. | 1975
— In an action to foreclose a second mortgage on real property, defendant appeals from an order of the Supreme Court, Westchester County, dated May 6, 1975, which, inter alia, granted plaintiffs’ motion for summary judgment. Order affirmed, without costs. Plaintiffs loaned a sum of money to a corporation of which defendant is the sole director and shareholder. The loan bore interest at a rate of one and one-half per cent per month, or 18% per annum. In order to induce plaintiffs to make the loan, defendant personally guaranteed payment thereof and, further, secured the loan with a second mortgage upon her one-family home. Upon default under the loan agreement, plaintiffs commenced this foreclosure action. In her affidavit in opposition to plaintiffs’ motion for summary judgment, defendant, for the first time, raised the defense of usury and requested leave to amend her answer so as to include such defense.