Domesticating a judgment in New York obtained out of state, to the dismay of some, is not automatic. New York does not allow the automatic registration of a judgment obtained on default from another state. Domesticating a sister-state judgment and converting it to a NY judgment requires filing a lawsuit. It is, therefore, important to understand the defenses available to someone contesting the domestication of the out-of-state judgment in New York. This also may be a good time to mention that out-of-state judgments are not treated the same as federal judgments. Continue reading “Domesticating a Judgment in New York for Non-NY Cases”
Category: New York Collection Laws
Debt Collection NY/NJ: More Than a River Apart
New Jersey and New York can be – with no traffic – a mere 5 minutes apart via the George Washington Bridge. It’s about the same through the Lincoln or Holland Tunnel. Aside from their closeness as Hudson River neighbors, New York and New Jersey are far apart on their approach to debt collection.
Many companies dealing with customers in the Tri-state area might not realize the differences between these two states and how it will affect their debt collection efforts. In light of that, let’s look at a few examples. Continue reading “Debt Collection NY/NJ: More Than a River Apart”
Read more...Usury Law: Will NY’s Apply to Small Business Loans?
New York State’s usury law currently applies to consumers who have been given loans less than a certain amount. The same laws do not currently apply to commercial loans even those considered “small” business loans. Currently, the business loan interest rate is unlimited. We blogged about that.
As online commerce increases so do the presence of online lenders. These cyber companies, increasing in number, lend to NY residents and small businesses. Continue reading “Usury Law: Will NY’s Apply to Small Business Loans?”
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