(a) An instrument is not payable with interest; and
(b) Interest on an interest-bearing instrument is payable from the date of the instrument.
(2) 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.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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