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Current as of May 06, 2021 | Updated by FindLaw Staff
The rate of interest, in the absence of a written contract fixing a different rate, shall be not more than fifteen percent annually in the following cases:
A. on money due by contract;
B. on money received to the use of another and retained without the owner's consent expressed or implied; and
C. on money due upon the settlement of matured accounts from the day the balance is ascertained.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 56. Commercial Instruments and Transactions § 56-8-3. Interest rate; no written contract - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-56-commercial-instruments-and-transactions/nm-st-sect-56-8-3/
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