§ 41-03-12 — (3-112) Interest

1. Unless otherwise provided in the instrument, an instrument is not payable with interest
and interest on an interest-bearing instrument is payable from the date of the
instrument.
2. 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.