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New Mexico Statutes Chapter 56. Commercial Instruments and Transactions § 56-8-3. Interest rate; no written contract

Current as of January 01, 2024 | 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.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 56. Commercial Instruments and Transactions § 56-8-3. Interest rate; no written contract - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-56-commercial-instruments-and-transactions/nm-st-sect-56-8-3/

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