New York § 5-524 Taking security upon certain property for usurious loans

New York Statutes

§ 5-524 — Taking security upon certain property for usurious loans

New York § 5-524

Law GOBGeneral Obligations

Title 5Interest and Usury; Brokerage On Loans

Art. 5Creation, Definition and Enforcement of Contractual Obligations

This text of New York § 5-524 (Taking security upon certain property for usurious loans) 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 § 5-524 (2026).

Text

  § 5-524. Taking security upon certain property for usurious loans. A\nperson who takes security, upon any household furniture, sewing\nmachines, plate or silverware in actual use, tools or implements of\ntrade, wearing apparel or jewelry, for a loan or forbearance of money,\nor for the use or sale of his personal credit, conditioned upon the\npayment of a greater rate than the rate prescribed by the superintendent\nof financial services pursuant to section fourteen-a of the banking law,\nor, if no rate has been so prescribed, six per centum per annum, or who\nas security for such loan, use or sale of personal credit as aforesaid,\nmakes a pretended purchase of such property from any person, upon the\nlike condition, and permits the pledgor to retain the possession thereof\nis guilty of a

Free access — add to your briefcase to read the full text and ask questions with AI

§ 5-524. Taking security upon certain property for usurious loans. A\nperson who takes security, upon any household furniture, sewing\nmachines, plate or silverware in actual use, tools or implements of\ntrade, wearing apparel or jewelry, for a loan or forbearance of money,\nor for the use or sale of his personal credit, conditioned upon the\npayment of a greater rate than the rate prescribed by the superintendent\nof financial services pursuant to section fourteen-a of the banking law,\nor, if no rate has been so prescribed, six per centum per annum, or who\nas security for such loan, use or sale of personal credit as aforesaid,\nmakes a pretended purchase of such property from any person, upon the\nlike condition, and permits the pledgor to retain the possession thereof\nis guilty of a misdemeanor.\n