Clifford v. Clifford

ORDER

We granted leave to appeal in this case on the question whether the usury statute, MCL 438.31; MSA 19.15(1), was applicable to the property settlement in the consent judgment of divorce entered in this case. We answer the question in the affirmative and order the interest rate on the unpaid principal in question in the instant case reduced to seven percent per annum.

The consent judgment of divorce entered in this case provided, inter alia, that the appellee would obtain sole possession of the marital home and that the appellant would have a lien interest of $28,700 in principal and nine…