Title

Insolvency and Restructuring Update
SDNY Bankruptcy Court Allows Substantial Post-Petition and Default Interest for an Over-Secured Lender, but Caps the Interest Claim Based on New York's Usury Law

Created date

12/14/2007

In a potentially important recent decision, the Bankruptcy Court for the Southern District of New York allowed substantial post-petition and default interest for an over-secured lender, but capped the lender's interest claim by the 25% interest rate limit provided by New York State usury law.

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