Sec. 275. A domestic or foreign corporation, whether or not formed at the request of a lender or in furtherance of a business enterprise, may by agreement in writing, and not otherwise, agree to pay a rate of interest in excess of the legal rate and the defense of usury shall be prohibited.
Mich. Comp. Laws § 450.1275
Agreement to pay interest in excess of legal rate; defense of usury prohibited
Applied in 13 court decisions — leading case In Re Dow Corning Corp. (1999)
Most recently applied in In Re Dow Corning Corp. (July 1999)
1972, Act 284, Eff
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.