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Contracts and Obligations in General | |
Interest | |
Section 1 | Interest rates -- Contracted rate -- Legal rate. |
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15-1-1. Interest rates -- Contracted rate -- Legal rate. (1) The parties to a lawful contract may agree upon any rate of interest for the loan or forbearance of any money, goods, or chose in action that is the subject of their contract. (2) Unless parties to a lawful contract specify a different rate of interest, the legal rate of interest for the loan or forbearance of any money, goods, or chose in action shall be 10% per annum. (3) Nothing in this section may be construed in any way to affect any penalty or interest charge that by law applies to delinquent or other taxes or to any contract or obligations made before May 14, 1981.
Amended by Chapter 79, 1989 General Session |
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