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
Structure Michigan Compiled Laws
Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)
Article 1 - (449.1101...449.1109)
Section 449.1101 - Definitions.
Section 449.1102 - Name of Limited Partnership; Requirements and Restrictions.
Section 449.1104 - Transacting Business Under Assumed Name; Certificate.
Section 449.1107 - Business Which May Be Carried On.
Section 449.1109 - Agreement to Pay Interest in Excess of Legal Rate; Defense of Usury Prohibited.