General Obligations Law 5-517 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5-515 Borrower bringing an action need not offer to repay up TITLE 5 Interest and Usury; Brokerage On Loans next SECTION 5-519 Return of excess a bar to further penalties Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5-517 Transfer of cause of action for usury General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 5 § 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.