ALLEN, J.
Where a prior land contract for undeveloped farmland containing an 8% annual interest charge is cancelled and, at the request of the land contract purchasers, there is substituted a second mortgage on the purchasers' homestead containing an 8% annual interest charge, is the second mortgage in violation of MCLA 438.31c; MSA 19.15(1c) of the state usury laws? On July 27, 1977, the trial court held there was no violation and defendants could proceed to a public...
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