calculatorIn the first article of this pair, we looked at the law of usury in New York, and the statutes and case law that affect the drafting and enforceability of interest clauses in loan agreements. This part will look at how interest is calculated after breach, and then on the judgment. We examine how the specific language of the loan agreement will impact what interest rate will apply, and how the forum can have a large impact on the ultimate amount. We also offer some practical drafting and strategic advice.

Pre- and Postjudgment Interest

In order to understand what the ultimate judgment amount will be—and the strategic decisions that will maximize recovery—we must consider under what circumstances courts will make awards of interest, what the rate will be and the time periods to which interest may apply.

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