6.1-330.76 - (Repealed effective October 1, 2010) Corporations, partnerships, limited liability companies, real estate investment trusts and certain joint ventures not allowed to plead usury.
§ 6.1-330.76. (Repealed effective October 1, 2010) Corporations,partnerships, limited liability companies, real estate investment trusts andcertain joint ventures not allowed to plead usury.
No corporation, partnership which is or was required to file a certificatepursuant to Chapter 2 (§ 50-44 et seq.), Chapter 2.1 (§ 50-73.1 et seq.) orChapter 3 (§ 50-74 et seq.) of Title 50 or which is formed under laws otherthan those of this Commonwealth, limited liability company, real estateinvestment trust, or joint venture organized for the purpose of holding,developing and managing real estate for profit shall, by way of defense orotherwise, avail itself of any of the provisions of this chapter or any othersection or case law relating to usury or compounding of interest to avoid ordefeat the payment of any interest or any other sum which it has contractedto pay. Nothing contained in any of such sections shall be construed toprevent the recovery of such interest or any other sum, though it is morethan contract rate of interest and though the fact appears on the face of thecontract.
(1987, c. 622; 1988, c. 765; 1993, c. 113.)