Statute · New York General Obligations Law
N.Y. Gen. Oblig. Law § 5-517 — Transfer of cause of action for usury
N.Y. Gen. Oblig. Law § 5-517
- Type
- Statute
- Source
- New York General Obligations Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 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…
Citator
N.Y. Gen. Oblig. Law § 5-517 — Transfer of cause of action for usury is in force in the current edition of the Code, and nothing recorded condemns it.
§ 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.