Jews successfully established themselves in the garment trades and in the needle unions in New York.
When is a loan not a loan? When it is a merchant cash advance which purchases future receivables and does not contain a promise to pay. But a loan is a loan, and this lender actually structured the transaction documents so that there was no obligation to repay the indebtedness.
I guess it checked all the boxes to exempt it from New York usury but, then again, when a judgment is issued against the guarantors, I fail to see the distinction between a purchase and a loan.
The principals executed personal guaranties of performance. There was no maturity date. The amount owed did not increase with time. There were no scheduled payments nor a fixed repayment term.
The guarantee is no broader than the obligations under the MCA agreement and the guarantor's payment requirements are no greater than that of the merchant.
The money advanced by plaintiff is not repayable in the absolute. Defendants' payments under the MCA agreement were contingent on the performance of their own business. Plaintiff assumed the risk that there would be no receivables and therefore no payment. The defendant filed an answer claiming the transaction was a loan and usurious.
The plaintiff filed a motion to strike those affirmative defenses and to enter judgment. The court granted the motion ruling that the MCA was not a loan. Creditor wins, debtor loses. But wait—the judgment was an absolute order to repay the sum and was likewise entered against the guarantors.
MCA proponents argue that the guarantors were only guarantying performance of the purchase.
If that is the case, what is the difference between a guaranty of the obligation and a guaranty of performance? What are the takeaways here?
The decision does not enlighten us whether the judgment is a personal obligation of the debtor and its guarantors but it sounds like it. That said, New York is more lenient on these types of transactions than California.
The bottom line to this case is that the creditor did a great job of arguing that this transaction was only a purchase of receivables.Salary for Underwriting Assistant in New York. How much does a earn in New York?
The average Underwriting Assistant salary in New York is $51, as of October 31, , but the range typically falls between $44, and $58, Today's top 35 Underwriting Assistant jobs in New York, NY. Leverage your professional network, and get hired. New Underwriting Assistant jobs added daily.
Learning a new business skill is an excellent way to break into an industry, make yourself more attractive to employers or earn more money and responsibility in your current career. But between work, family and life, the thought of spending years in a classroom can be overwhelming.
In New York, an Underwriting Assistant takes home approximately $53, per year on average. This is 21% above the national average for an Underwriting Assistant which is $42, per year.
How much does a Underwriting Assistant make in New York City, NY? The average salary for a Underwriting Assistant is $53, in New York City, NY.
Salaries estimates are based on salaries submitted anonymously to Glassdoor by Underwriting Assistant employees in New York City, NY. News, education, information and entertainment for the commercial bank, finance and leasing industry.