Paulman v. Filtercorp

— Henry Paulman filed suit to collect money due him under a promissory note given by Filtercorp. The trial court granted partial summary judgment to Filtercorp, finding that the note was usurious. On appeal, Paulman contends that a usury defense is not allowed in commercial transactions. Filtercorp cross-appeals the trial court’s denial of setoffs against the note. We hold that Filtercorp is barred from asserting the defense of usury because of its status as a corporation and because the loan was for commercial purposes. Accordingly, we reverse the summary judgment.

I

Filtercorp is a…