Legislation
SECTION 5-1301
How interest calculated
General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 13
§ 5-1301. How interest calculated. Whenever, in any statute, act,
deed, written or verbal contract, or in any public or private instrument
whatever, any certain rate of interest is or shall be mentioned, and no
period of time is stated for which such rate is to be calculated,
interest shall be calculated at the rate mentioned, by the year, in the
same manner as if the words "per annum" or "by the year" had been added
to such rate.
deed, written or verbal contract, or in any public or private instrument
whatever, any certain rate of interest is or shall be mentioned, and no
period of time is stated for which such rate is to be calculated,
interest shall be calculated at the rate mentioned, by the year, in the
same manner as if the words "per annum" or "by the year" had been added
to such rate.