Blessing v. Zeffero

The Genesee County Circuit Court awarded plaintiffs a portion of the debt owed them by defendants, but concluded that the loan was usurious and denied the collection of interest. Plaintiffs appeal from the judgment and we reverse.

On March 17, 1981, defendants requested a loan from plaintiffs. Defendants stated that the money borrowed would be loaned by them to Zefflamb Industries, Inc., a corporation in which defendant Robert Zeffero was a 92% shareholder and president. Plaintiffs occupied premises owned by Zefflamb.

Plaintiffs agreed to loan defendants the money, and on March 19, 1981, Robert…