New York Court of Appeals December 23, 1981 (Hammelburger v. Foursome Inn Corp.)

*584OPINION OF THE COURT

Meyer, J.

A mortgagor, who has given an estoppel certificate stating that there are no defenses or offsets to the mortgage or to the bond which the mortgage secures, will be estopped from asserting the defense of criminal usury unless it be shown that (1) the mortgagor executed the estoppel certificate under duress or other basis for invalidation, or (2) the assignee took