In personal injury suit against city and its transit authority, the Supreme Court granted authority’s motion to correct rate of interest on judgment from nine-percent to three-percent. Plaintiff appealed.
The Supreme Court, Appellate Division, held that by statute, proper interest rate was three-percent.
By statute, rate of interest against authority could not exceed three-percent and both authority and city were found to be jointly and severally liable for 100% of judgment, and authority was obligated to indemnify city pursuant to lease of subject property.