2.99 See Answer

Question: Alfino borrowed money from Yakutsk and agreed


Alfino borrowed money from Yakutsk and agreed in writing to pay a rate of interest higher than that allowed by local law. Later, when Alfino was called upon to pay, he refused, claiming that the agreement was void because of the usurious rate. Yakutsk, the lender, sued to collect. Yakutsk agreed to accept the legal rate of interest and felt he was entitled to collect the debt. Alfino believed that the entire debt was void because of the illegality of the original agreement. In view of Yakutsk’s willingness to accept the legal rate of interest, can Alfino be compelled to pay? [Yakutsk v. Alfino, 349 N.Y.S.2d 718 (New York)]
Principle of Law:
Decision:

2.99

See Answer