Mich. Comp. Laws § 449.1109
Agreement to pay interest in excess of legal rate; defense of usury prohibited.
Michigan · Michigan Compiled Laws — MICHIGAN REVISED UNIFORM LIMITED PARTNERSHIP ACT (Act 213 of 1982) · Status: effective
Cite this
- Citation
- Mich. Comp. Laws § 449.1109, Agreement to pay interest in excess of legal rate; defense of usury prohibited, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363353
- Permanent ID
ys:prov:1363353@1- SHA-256
03bec0ff6d37ea54d84e22de0b80133bcd575c8d28220fcf42b21691ad0bb3f2
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
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.