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Usury

The following summaries are of recent published decisions of the California appellate courts, the Ninth Circuit, and the United States Supreme Court. The summaries are presented without regard to whether Severson & Werson represented a party in the case.

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Soaring Pine Capital Real Estate & Debt Fund II, LLC v. Park St. Grp. Realty Servs., LLC, No. 163320, 2023 Mich. LEXIS 959 (June 23, 2023)

This decision holds that usury savings clauses are unenforceable as against public policy except when the loan agreement would otherwise violate usury restrictions only due to some unanticipated post-agreement event.  A usury savings clause is a provision stating that if the loan agreement would otherwise require payment of usurious interest, it is to be construed to charge only the maximum… Read More

Korchemny v. Piterman, Nos. A155483, A157716, 2021 Cal. App. LEXIS 766 (Ct. App. Aug. 27, 2021)

Before and during his decade-long divorce proceedings, Piterman made monthly payments on two promissory notes to his friend Korchemny, who then with Piterman's encouragement and aid sued Piterman, his former wife and her trust to collect on the notes.  This opinion affirms a judgment against Korchemny on the complaint.  The first promissory note charged interest in excess of 10% and… Read More

Hardwick v. Wilcox

Neither the statute of limitations nor a release barred borrower’s recovery for usurious interest charged in a series of roll-over notes and forbearance agreements.  Read More