Montana § 31-1-106 Legal Interest

Montana Statutes

§ 31-1-106 — Legal Interest

Montana·Title 31 CREDIT TRANSACTIONS AND RELATIONSHIPS·Ch. 1 CREDIT TRANSACTIONS·Part 1 Loans of Money -- Interest Rates

31-1-106 . Legal interest.

(1)Except as otherwise provided by the Uniform Commercial Code, 31-1-111 , and 31-1-112 , unless there is an express contract in writing fixing a different rate or a law or ordinance or resolution of a public body fixing a different rate on its obligations, interest is payable on all money at the rate of 10% a year after it becomes due on:

(a)any instrument of writing, except a judgment;

(b)an account stated;

(c)money lent or due on any settlement of accounts from the date on which the balance is ascertained; and

(d)money received for the use of another person and detained from that person.

(2)In the computation of interest for a period of less than 1 year, 365 days constitute a year.

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31-1-106 . Legal interest. (1) Except as otherwise provided by the Uniform Commercial Code, 31-1-111 , and 31-1-112 , unless there is an express contract in writing fixing a different rate or a law or ordinance or resolution of a public body fixing a different rate on its obligations, interest is payable on all money at the rate of 10% a year after it becomes due on:
(a) any instrument of writing, except a judgment;
(b) an account stated;
(c) money lent or due on any settlement of accounts from the date on which the balance is ascertained; and
(d) money received for the use of another person and detained from that person.
(2) In the computation of interest for a period of less than 1 year, 365 days constitute a year.

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Legislative History

En. Sec. 2585, Civ. C. 1895; amd. Sec. 1, p. 125, L. 1899; re-en. Sec. 5211, Rev. C. 1907; re-en. Sec. 7725, R.C.M. 1921; Cal. Civ. C. Sec. 1917; amd. Sec. 1, Ch. 144, L. 1933; re-en. Sec. 7725, R.C.M. 1935; amd. Sec. 11-130, Ch. 264, L. 1963; amd. Sec. 38, Ch. 234, L. 1971; amd. Sec. 11, Ch. 185, L. 1977; R.C.M. 1947, 47-124; amd. Sec. 3, Ch. 275, L. 1981; amd. Sec. 1, Ch. 9, L. 1983; amd. Sec. 1, Ch. 263, L. 1985; amd. Sec. 20, Ch. 455, L. 2001; amd. Sec. 1, Ch. 278, L. 2013.