§ 31-35-609 — Default in payment - penalty

Failure to pay any installment,
whether of principal or interest, when due shall cause the whole of the unpaid
principal to become due and collectible immediately, and the whole amount of the
unpaid principal and accrued interest shall thereafter draw interest at the rate of
one percent per month or fraction of a month until the date of sale, as provided in
section 31-35-611. At any time prior to the date of sale, the owner may pay the
amount of all unpaid installments, with interest at one percent per month or
fraction of a month, and all penalties accrued and shall thereupon be restored to
the right thereafter to pay in installments in the same manner as if default had not
been suffered. The owner of any property not in default as to any installment or
payment may at any time pay the whole of the unpaid principal with the interest
accruing to the maturity of the next installment of interest or principal.

Legislative History

Source: L. 75: Entire title R&RE, p. 1266, � 1, effective July 1.