General Obligations Law § 5-517 · Title 5. Interest and Usury; Brokerage On Loans
Transfer of cause of action for usury
Text — Law content up to date as of July 24, 2026, as published by the New York State 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 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.
Source of truth
- Edition
- Law content up to date as of July 24, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/GOB5-517
- Text hash
- sha256 992eaf6419507797381cd57c9d135783021b3412ffd39bddf4d3602eed8ebd31
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.