In an October 25, 2011 decision by Justice Hinds-Radix the court had to decide in the context of a foreclosure action whether a loan was a “home loan” or a loan against commercial property. The defendant moved to dismiss the complaint arguing, by way of his attorney’s affidavit, that the loan was a home loan and plaintiff failed to comply with the statutory requirements before foreclosing on the loan. Defendant submitted the contract of sale from when he brought the property, which was entitled “Residential Contract of Sale,” to support his argument. Plaintiff submitted in opposition the loan documents signed by plaintiff which stated that the loan was for business or commercial purposes and not for personal, family, consumer or household purposes. The court found, based on the loan documents signed by plaintiff, that the loan was not a “home loan” under the various statutes and denied plaintiff’s motion to dismiss.
Meyerson Capital X, LLC v Kats, Sup Ct, Kings County, October 25, 2011, Hinds-Radix, J, Index No. 8797/11.