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Ex parte default judgment motion adjourned for plaintiff to address potential criminal rate of interest.
The plaintiff moved ex parte for default judgment on a merchant cash advance agreement and guarantee.
The court raised concerns regarding the lack of notice to the defendants and the potential that the agreement charged a criminal rate of interest (approximately 100% per annum).
The court adjourned the motion, ordering the plaintiff to serve the defendants and file a factum addressing the legality and enforceability of the agreement and guarantee.
