United States — Louisiana Act or statute

United States — Louisiana legislation

RS 10:3-112

This section says when an instrument does or does not pay interest, how interest may be stated, and how interest is set if the amount cannot be determined from the instrument.

interest on instruments

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“This section says when an instrument does or does not pay interest, how interest may be stated, and how interest is set if the amount cannot be determined from the instrument.”

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RS 10:3-112

This section says when an instrument does or does not pay interest, how interest may be stated, and how interest is set if the amount cannot be determined from the instrument.

Section 10:3-112

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§ 10:3-112RS 10:3-112Provision

This section says when an instrument does or does not pay interest, how interest may be stated, and how interest is set if the amount cannot be determined from the instrument.

§3-112. Interest (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. Acts 1992, No. 1133, §3, eff. July 1, 1993; Acts 1993, No. 948, §10, eff. Jan. 1, 1994.
Section 10:3-112Verify source

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