Detroit Business Law – Resources for Metro-Detroit Businesses
Resources for Metro-Detroit Businesses
When drafting a promissory note or other agreement for a loan, the interest rate is usually specified. The agreed-upon interest rate may exceed the interest rate allowed by law for …
Usury-Savings Clause Held To Be Valid When Lender Unintentionally Charges More Interest Than Allowed Read MoreThe Michigan Court of Appeals recently decided in Dunkel v. Signal Medical Corp., whether extensions for the repayment of promissory notes that were agreed upon by the parties were modifications …
Modifications to existing contracts must be in writing or supported by consideration Read MoreIn an unpublished opinion, the Michigan Court of Appeals held that a promissory note for $400,000 that had been transferred to Plaintiffs was not enforceable because the transfer had been …
Photocopy of Promissory Note Will Not Work to Transfer Interest Read More