Michigan Compiled Laws § 449.1109 Agreement To Pay Interest In Excess Of Legal Rate; Defense Of Usury Prohibited.

449.1109 Agreement to pay interest in excess of legal rate; defense of usury prohibited.

Sec. 109.

A domestic or foreign limited partnership, whether or not formed at the request of a lender, may by agreement in writing, and not otherwise, agree to pay a rate of interest in excess of the legal rate, and in such case the defense of usury is prohibited. This section shall not be construed as allowing a domestic or foreign limited partnership to pay a rate of interest in excess of the rate set forth in Act No. 259 of the Public Acts of 1968, being sections 438.41 and 438.42 of the Michigan Compiled Laws.

History: 1982, Act 213, Eff. Jan. 1, 1983

Section: Previous  449.1101  449.1102  449.1103  449.1104  449.1105  449.1106  449.1107  449.1108  449.1109  

Last modified: October 10, 2016