Hangover Joe's Holding Corp. (fka HJOE)

[I-Glow]

Corporations prohibited from interposing the defense of Usury

The word Usury is being thrown around without seeing how it applies to Corporations in New York.

Neither Asher or KBM have ever been indicted, prosecuted etc for violating any of the New York Usury laws.

A Corporate borrower cannot interpose the defense of Usury in any action.

New York General Obligations Law § 5-521. Corporations prohibited from interposing defense of usury

No corporation shall hereafter interpose the defense of usury in any action. The term corporation, as used in this section, shall be construed to include all associations, and joint-stock companies having any of the powers and privileges of corporations not possessed by individuals or partnerships.

N.Y. Gen. Oblig. Law § 5-521(1); N.Y. Limited Liab. Co. Law § 1104(a)

So for all of those expecting the KBM notes to go away - it will be like the Millions HJOE was going to get in a settlement with PLN - it won't happen.

IG