Source: https://bruteforcelawyer.com/category/cplr/cplr-%C2%A7-5002/
Timestamp: 2020-04-09 00:45:10
Document Index: 367353448

Matched Legal Cases: ['§ 5002', '§ 5002', '§ 5004', '§ 5002', '§ 5004', '§ 5002', '§ 5004', '§ 5002', '§ 5004']

Category: CPLR § 5002
CPLR § 5002; CPLR § 5004
CPLR § 5002 Interest from verdict, report or decision to judgment
CPLR § 5004 Rate of interest
NYCTL 1998-2 Trust v Wagner, 2009 NY Slip Op 02979 (App. Div., 2nd, 2009)
"Interest under CPLR 5002 is a matter of right and is not dependent
upon the court's discretion or a specific demand for it in the
complaint'" (Matter of Goldberger v Fischer, 54 AD3d 955; quoting Matter of Kavares [Motor Veh. Acc. Indem Corp],
29 AD2d 68, 70-71). Thus, despite the appellant's contentions to the
contrary, the plaintiff was entitled to all prejudgment interest,
regardless of whether specifically provided for in the judgment of
foreclosure and sale entered in this action.
Moreover, "when a contract provides for interest to be paid at a specified rate until [*2]the
principal is paid, the contract rate of interest, rather than the legal
rate set forth in CPLR 5004, governs until payment of the principal or
until the contract is merged in a judgment" (Citibank, N.A. v Liebowitz, 110 AD2d 615, 615; accord European Am. Bank v Peddlers Pond Holding Corp., 185 AD2d 805, 805; Marine Mgt. Inc. v Seco Mgt.,
176 AD2d 252, 253). Here, the subject New York City tax lien
certificate provided specifically that the holder of the lien was
entitled to the principal balance plus "interest accruing theron at the
rate of eighteen percent (18%) per annum, compounded daily," and that
"[a]ccrued interest on the Tax Lien Principal Balance for each Tax Lien
is payable … until the Tax Lien Principal Balance is paid in full."
Accordingly, the contract rate, rather than the statutory rate,
governed the rate of interest until the entry of judgment (see European Am. Bank v Peddlers Pond Holding Corp., 185 AD2d 805, 805; Marine Mgt. v Seco Mgt., 176 AD2d 252, 253; affd 80 NY2d 886; Citibank, N.A. v Liebowitz, 110 AD2d 615, 615).
Author DMGPosted on April 18, 2009 Categories CPLR § 5002, CPLR § 5004Leave a comment on CPLR § 5002; CPLR § 5004