(a) Unless otherwise provided in the instrument (i) an instrument is not payable with interest; and (ii) 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 11-3-105 11-3-106 11-3-107 11-3-108 11-3-109 11-3-110 11-3-111 11-3-112 11-3-113 11-3-114 11-3-115 11-3-116 11-3-117 11-3-118 11-3-119 NextLast modified: October 14, 2016