2019 New York Laws
GOB - General Obligations
Article 5 - Creation, Definition and Enforcement of Contractual Obligations
Title 5 - Interest and Usury; Brokerage on Loans
5-517 - Transfer of Cause of Action for Usury.

Universal Citation: NY Gen Oblig L § 5-517 (2019)

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


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