Krause v. Griffis

Defendants appeal as of right from the circuit court’s order granting summary disposition to plaintiffs pursuant to MCR 2.116(0(10). At issue is the interest rate applicable to a land contract.

Plaintiffs are holders of a title interest in property sold to defendants on land contract. They filed suit seeking a declaration that the fifteen percent interest rate provided in the land contract was not usurious, because the "business entity” exception applied. The circuit court agreed. It concluded that the sworn statement of business purpose required for the business entity exception was satisfied…