Hangover Joe's Holding Corp. (fka HJOE)

[I-Glow]

This stuff is too funny - the HJOE guys have learned a new word - Usury but are clueless about how it in applied to corporations in New York.

You surely must understand that Corporations can't use

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.

What you posted and have failed to understand is that what you posted is about Real Estate and has nothing to do with Corporate loans.

The provisions of subdivision one of this section shall not apply
to a corporation, the principal asset of which shall be the ownership of
a one or two family dwelling...

that as to any such bond, note or mortgage executed by such a corporation and effective prior to April sixth, nineteen hundred fifty-six, the defense of usury may be interposed only in an action or proceeding instituted for the collection, enforcement or foreclosure of such note, bond or mortgage.

And the question remains - why hasn't the state of New York prosecuted Asher or KBM for violation of the Usury laws - not once after hundreds if not thousands of loans exactly like the KBM loan to HJOE. Yeah, that is pretty tough.

Next time when you copy and paste at least understand what you are copying and pasting. Plus, the link you posted isn't germane to the conversation of Corporate Usury laws.

Here you go try this:

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)

Here is some case law where the Usury defense was tried and rejected by the Court:
https://www.nycourts.gov/courts/comdiv/PDFs/7th%20JD%20DOIs/mbe.pdf

IG