New York § 5-1301 How interest calculated

New York Statutes

§ 5-1301 — How interest calculated

New York § 5-1301

Law GOBGeneral Obligations

Title 13Construction of Particular Terms In Contractual Transactions

Art. 5Creation, Definition and Enforcement of Contractual Obligations

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Bluebook

N.Y. General Obligations § 5-1301 (2026).

Text

  § 5-1301. How interest calculated. Whenever, in any statute, act,\ndeed, written or verbal contract, or in any public or private instrument\nwhatever, any certain rate of interest is or shall be mentioned, and no\nperiod of time is stated for which such rate is to be calculated,\ninterest shall be calculated at the rate mentioned, by the year, in the\nsame manner as if the words "per annum" or "by the year" had been added\nto such rate.\n

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§ 5-1301. How interest calculated. Whenever, in any statute, act,\ndeed, written or verbal contract, or in any public or private instrument\nwhatever, any certain rate of interest is or shall be mentioned, and no\nperiod of time is stated for which such rate is to be calculated,\ninterest shall be calculated at the rate mentioned, by the year, in the\nsame manner as if the words "per annum" or "by the year" had been added\nto such rate.\n