Michigan Compiled Laws Act 140 Of 1861 Interest On Contracts Between Citizens Of Michigan And Other States (438.151 - 438.154)

AN ACT relative to the interest on contracts between citizens of this state, and other states and countries, payable elsewhere than in this state.

History: 1861, Act 140, Eff. June 16, 1861

Section 438.151 Interest Rate; Obligations Payable Out Of State.
That it shall be lawful for any person or corporation, borrowing money in this state, to make notes, bills, bonds, drafts, acceptances, mortgages, or...
Section 438.152 Interest Valid In This State; Defense Of Usury Not Available.
No plea of usury, nor defense founded upon an allegation of usury, shall be sustained in any court in this state, nor shall any...
Section 438.153 Interest Valid In This State; Lawful To Take, Reserve, Or Discount.
It shall be lawful for all parties loaning money in this state, to take, reserve or discount interest upon any note, bond, bill, draft,...
Section 438.154 Contract Made In State Or With Citizen Of State; Principal And Interest Payable Out Of State; Governing Law.
When any contract or loan shall be made in this state or between citizens of this state and any other state or country, bearing...

Last modified: October 10, 2016