Case ID: ad2d_221/html/0194-01.html
Source: Caselaw Access Project
Author: {"author": "", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

Virna Mirand et al., Respondents, v City of New York, Defendant, and Board of Education of the City of New York, Appellant.
    [633 NYS2d 167]
   —Order, Supreme Court, Bronx County (Douglas McKeon, J.), entered October 4, 1994, which denied defendant’s motion to reduce the interest on the judgment entered July 7, 1994 to a rate of less than 9%, unanimously affirmed, without costs.

While General Municipal Law § 3-a provides for an interest rate not in excess of 9%, CPLR 5004 prohibits a lower rate except where authorized by statute {Carson v New York City Health & Hosps. Corp., 178 AD2d 265). Thus, there is no merit to defendant’s contention that the rate of interest is a discretionary determination that in the instant case should take into account prevailing market rates of interest. Concur— Rosenberger, J. P., Wallach, Rubin, Kupferman and Mazzarelli, JJ.