Opinion
Docket No. 65, Calendar No. 34,555.
Submitted October 11, 1929.
Decided December 3, 1929.
Error to Wayne; Lamb (Fred S.), J., presiding. Submitted October 11, 1929. (Docket No. 65, Calendar No. 34,555.) Decided December 3, 1929.
Assumpsit by Frank D. Hovey against Wark-Gilbert Company, a Michigan corporation, on a promissory note. From a judgment for plaintiff, defendant brings error. Affirmed.
Kenneth M. Stevens, for plaintiff.
James Gibbons, for defendant.
Plaintiff sued on the note of defendant, a Michigan corporation, due October 22, 1928, and had judgment which defendant reviews on error.
Act No. 335, Pub. Acts 1927, pt. 2, chap. 1, § 1, provided that "no corporation shall interpose the defense of usury to any cause of action hereafter arising."
The cause of action arose when the note became due. The act was then in effect. Defendant sought to interpose the sole defense of usury. This the act forbids. Miller v. Reid, 243 Mich. 694. Judgment affirmed.
NORTH, C.J., and FEAD, BUTZEL, WIEST, McDONALD, POTTER, and SHARPE, JJ., concurred.