South Dakota Codified Laws 47-14A-8. Usury not a defense against beneficial owner’s obligation
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No obligation of a beneficial owner or trustee of a business trust to the business trust arising under the governing instrument or a separate agreement in writing, and no note, instrument or other writing evidencing any such obligation of a beneficial owner or trustee, is subject to the defense of usury, and no beneficial owner or trustee may interpose the defense of usury with respect to any such obligation in any action.
Terms Used In South Dakota Codified Laws 47-14A-8
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
Source: SL 2001, ch 245, § 8.