Garry Britton lent his friend, Joseph DiPrima, over $30,000 to renovate three homes. The deal was that Joe would pay back the money and give Garry a 10% share of the profits from any sales. When that didn't happen, Garry took Joe to court.
Even though their agreement wasn't in writing, the Monroe County Supreme Court awarded Garry the sums requested, with interest thereon.
On appeal before the Appellate Division, Fourth Department, Joe argued that the parties had entered into the deal in their "corporate capacities" and that the lawsuit shouldn't have been brought against him, personally.
Finding no error, the AD4 deferred to the trial court's determination. It also saw no problem with the court's award of interest, because a state law -- CPLR ยง 5001(a) -- authorized that kind of relief.
... Or a lender be. For loan oft loseth both itself and friend.
To view a copy of the Appellate Division's decision, please use this link: Britton v. DiPrima