SBAGK Secures Major Victory in Murlar Equities vs. Jiminez; Loan Worth In Excess of $600,000 Rendered a Gift By the Court
KEW GARDENS, NY (October 19, 2018) - Anderson Bowman & Zalewski PLLC (formerly known as Anderson Shen P.C) has long taken pride in being a team of trustworthy, professional, and passionate real estate attorneys. Days after officially merging with several new partners to become Shiryak Bowman Anderson Gill & Kadochnikov, the firm emerged victorious in a hard-fought battle involving an illegal mortgage.
Yet another mortgage is gone. In Murlar Equities vs. Jiminez, Bronx Supreme Court Index No. 17611/06, the First Department Appellate Division upheld the trial court’s decision to grant the Defendant’s motion for summary judgment and reversed the trial court’s decision to grant renewal to the lender. The Court determined that because the borrower, Mr. Jiminez, only received an appalling $86,000 of the $150,000 loan, the effective rate of interest for the loan exceeded the legal maximum of 25%. Under one calculation, the effective rate of interest for the loan was nearly 62%. The lender’s motion to reargue the appeal court’s decision was recently denied, so the judgment is now final.
“This is a huge win for the firm. In the state of New York, if a mortgage is determined to be usurious, it is effectively rendered a gift,” said Anderson. “For years the lender on this case fought the reality that the loan they gave was in violation of New York law and they were not going to be able to collect. Our team never gives up: seven motions and an appeal later, our client came out on top. This case is a wake up call for any lender that wants to toe the line of ethical responsibility. If you go too far, you’ll get burned.”
The court’s decision speaks to the determination and skill of Shiryak Bowman Anderson Gill & Kadochnikov LLP. Clients can be well assured that their attorneys will see their matter through to the end, fighting vigorously and with expertise, for the best possible results.