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.
Agreement to pay interest in excess of legal rate; defense of usury prohibited.
Mich. Comp. Laws § 450.1275, under BUSINESS CORPORATION ACT.
Mich. Comp. Laws § 450.1275