6.2-308 - (Effective October 1, 2010) Entities not permitted to plead usury. - Virginia Statutes

§ 6.2-308. (Effective October 1, 2010) Entities not permitted to plead usury.

A. No (i) corporation, (ii) partnership that is required to file acertificate pursuant to Chapter 2.1 (§ 50-73.1 et seq.) of Title 50 or wasrequired to file a certificate pursuant to former Chapter 2 (§ 50-44 et seq.)or Chapter 3 (§ 50-74 et seq.) of Title 50 or that is formed under laws otherthan those of the Commonwealth, (iii) limited liability company, (iv)business trust, or (v) 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 otherstatutory or case law relating to usury or compounding of interest to avoidor defeat the payment of any interest or any other sum that it has contractedto pay.

B. Nothing contained in this chapter or any other statutory or case lawrelating to usury or compounding of interest shall be construed to preventthe recovery of interest or any other sum that an entity described insubsection A has contracted to pay, regardless of whether it is more than thecontract rate of interest and the fact appears on the face of the contract.

(1987, c. 622, § 6.1-330.76; 1988, c. 765; 1993, c. 113; 2010, c. 794.)