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MITCHELL v. U. S. MUTUAL REAL ESTATE INV. TRUST

Docket No. 79225.

144 Mich. App. 302 (1985)

375 N.W.2d 424

MITCHELL v. TRUSTEES OF UNITED STATES MUTUAL REAL ESTATE INVESTMENT TRUST

Michigan Court of Appeals.

Decided July 15, 1985.

Attorney(s) appearing for the Case

MacLean, Seaman, Laing & Guilford (by Dwight D. Ebaugh), for plaintiffs; and Frank J. Kelley, Attorney General, Louis J. Caroso, Solicitor General, and Luis F. Fernandez, Assistant Attorney General, Consumer Protection Division, for intervening plaintiffs.

Dykema, Gossett, Spencer, Goodnow & Trigg (by Timothy A. Fusco and Kathleen McCree Lewis); and Cooper & Fink (by Daniel S. Cooper), for defendants.

Before: R.B. BURNS, P.J., and BRONSON and R.L. TAHVONEN, JJ.

R.B. BURNS, P.J.

This action involves a $77,600 non-purchase-money "wraparound" mortgage note made by plaintiffs Mitchell and payable to defendant United States Mutual Real Estate Investment Trust with interest of 11%. The circuit court held that Michigan's usury statutes had been preempted by federal legislation so that the note was not usurious as a matter of law. We reverse.

On August 21, 1978, plaintiffs...

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