Minnesota Session Laws - 1984, Regular Session

  

                         Laws of Minnesota 1984 

                        CHAPTER 493-H.F.No. 1659
           An act relating to commerce; prohibiting limited 
          partnerships from interposing the defense of usury; 
          amending Minnesota Statutes 1982, section 334.021.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 334.021, is 
amended to read:  
    334.021 [CORPORATION PROHIBITED FROM INTERPOSING DEFENSE OF 
USURY.] 
    No corporation shall hereafter interpose the defense of 
usury in any action.  The term "corporation," as used in this 
section, includes any cooperative corporation and any, 
cooperative association, limited partnership organized under 
chapter 322A, and further includes any association or joint 
stock company having any of the powers and privileges of 
corporations not possessed by an individual or a partnership.  
    Sec. 2.  [EFFECTIVE DATE.] 
    Section 1 is effective the day following final enactment. 
    Approved April 25, 1984