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Current as of January 01, 2024 | Updated by Findlaw Staff
(1) Except as otherwise provided by the Uniform Commercial Code, 31-1-111, and 31-1-112, unless there is an express contract in writing fixing a different rate or a law or ordinance or resolution of a public body fixing a different rate on its obligations, interest is payable on all money at the rate of 10% a year after it becomes due on:
(a) any instrument of writing, except a judgment;
(b) an account stated;
(c) money lent or due on any settlement of accounts from the date on which the balance is ascertained; and
(d) money received for the use of another person and detained from that person.
(2) In the computation of interest for a period of less than 1 year, 365 days constitute a year.
Cite this article: FindLaw.com - Montana Title 31. Credit Transactions and Relationships § 31-1-106. Legal interest - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-31-credit-transactions-and-relationships/mt-st-31-1-106/
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 before relying on it for your legal needs.
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