CONSTITUTIONAL LAW-USURY-CORPORATIONS

Authors

Abstract

The complainant corporation filed a bill in chancery to set aside the foreclosure of a mortgage on the ground of usury. Public Acts of Michigan, 1927, No. 335, pt. 2, c. 1, sec. 1, and pt. 2, c. 2, sec. 12, amending Public Acts, 1921, No. 84, provided that a corporation could not set up the defense of usury. The complainant contended that this statute was invalid, being class legislation and hence a violation of the "equal protection of the law'' clause of the Fourteenth Amendment to the federal Constitution. Held, that the classification was reasonable and did not contravene the equal protection clause; and that the statute did not violate the right of a corporation under sec. 2, art. 12, of the Michigan constitution, to sue and be sued like a natural person. Thomas v. Union Trust Co. (Mich. 1930) 231 N.W. 6x9.

Recommended Citation

CONSTITUTIONAL LAW-USURY-CORPORATIONS, 29 Mich. L. Rev. 107 (1930).
Available at: https://repository.law.umich.edu/mlr/vol29/iss1/16