47-3112. Interest
A. Unless otherwise provided in the instrument:
1. An instrument is not payable with interest; and
2. Interest on an interest-bearing instrument is payable from the date of the instrument.
B. Interest may be stated in an instrument as a fixed or variable amount of money or it may be expressed as a fixed or variable rate or rates. The amount or rate of interest may be stated or described in the instrument in any manner and may require reference to information not contained in the instrument. If an instrument provides for interest, but the amount of interest payable cannot be ascertained from the description, interest is payable at the judgment rate in effect at the place of payment of the instrument and at the time interest first accrues.
Section: Previous 47-3105 47-3106 47-3107 47-3108 47-3109 47-3110 47-3111 47-3112 47-3113 47-3114 47-3115 47-3116 47-3117 47-3118 47-3119 NextLast modified: October 13, 2016