Delaware Code Title 6 Sec. 2306 – Defense of usury as available to certain entities and associations
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No corporation, limited partnership, statutory trust, business trust or limited liability company, and no association or joint stock company having any of the powers and privileges of corporations not possessed by individuals or partnerships, shall interpose the defense of usury in any action.
Code 1852, § ?1160; 16 Del. Laws, c. 310, § ?1; Code 1915, § ?2621; 28 Del. Laws, c. 213; Code 1935, § ?3101; 6 Del. C. 1953, § ?2306; 69 Del. Laws, c. 258, § ?55; 73 Del. Laws, c. 329, § ?34;
Terms Used In Delaware Code Title 6 Sec. 2306
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Usury: Charging an illegally high interest rate on a loan. Source: OCC