§ 26-1-3.1-112 — Interest

Indiana § 26-1-3.1-112

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 3.1: Negotiable Instruments

Text

(a) Unless otherwise provided in the
instrument:
(1) an instrument is not payable with interest; and
(2) 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.

Legislative History

As added by P.L.222-1993, SEC.5.