New York § 5-517 Transfer of cause of action for usury

New York Statutes

§ 5-517 — Transfer of cause of action for usury

New York § 5-517

Law GOBGeneral Obligations

Title 5Interest and Usury; Brokerage On Loans

Art. 5Creation, Definition and Enforcement of Contractual Obligations

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Bluebook

N.Y. General Obligations § 5-517 (2026).

Text

  § 5-517. Transfer of cause of action for usury. A cause of action to\ncancel, or otherwise affect, an instrument executed, or an act done, as\nsecurity for a usurious loan or forbearance, can be transferred, where\nthe instrument or act creates a specific charge upon property, which is\nalso transferred in disaffirmance thereof, and not otherwise; but, in\nthat case, the transferee does not succeed to the right, conferred by\nstatute upon the borrower, to procure relief, without paying, or\noffering to pay, any part of the sum or thing loaned.\n

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§ 5-517. Transfer of cause of action for usury. A cause of action to\ncancel, or otherwise affect, an instrument executed, or an act done, as\nsecurity for a usurious loan or forbearance, can be transferred, where\nthe instrument or act creates a specific charge upon property, which is\nalso transferred in disaffirmance thereof, and not otherwise; but, in\nthat case, the transferee does not succeed to the right, conferred by\nstatute upon the borrower, to procure relief, without paying, or\noffering to pay, any part of the sum or thing loaned.\n