New York Statutes
§ 5-521 — Corporations prohibited from interposing defense of usury
New York § 5-521
JurisdictionNew York
Law GOBGeneral Obligations
Title 5Interest and Usury; Brokerage On Loans
Art. 5Creation, Definition and Enforcement of Contractual Obligations
This text of New York § 5-521 (Corporations prohibited from interposing defense of usury) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.Y. General Obligations § 5-521 (2026).
Text
§ 5-521. Corporations prohibited from interposing defense of usury. 1.\nNo corporation shall hereafter interpose the defense of usury in any\naction. The term corporation, as used in this section, shall be\nconstrued to include all associations, and joint-stock companies having\nany of the powers and privileges of corporations not possessed by\nindividuals or partnerships.\n 2. The provisions of subdivision one of this section shall not apply\nto a corporation, the principal asset of which shall be the ownership of\na one or two family dwelling, where it appears either that the said\ncorporation was organized and created, or that the controlling interest\ntherein was acquired, within a period of six months prior to the\nexecution, by said corporation of a bond or note evidencing\nindebt
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Nearby Sections
15
§ 5-1107
Written assignment§ 5-1109
Written irrevocable offer§ 5-1301
How interest calculated§ 5-1401
Choice of law§ 5-1402
Choice of forum§ 5-1501
Application and definitionsCite This Page — Counsel Stack
Bluebook (online)
New York § 5-521, Counsel Stack Legal Research, https://law.counselstack.com/statute/ny/5-521.