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§ 3-112. Interest payable on instruments

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 3. Negotiable Instruments (Refs & Annos)
Subtitle 1. General Provisions and Definitions (Refs & Annos)
MD Code, Commercial Law, § 3-112
§ 3-112. Interest payable on instruments
(a) Unless otherwise provided in the instrument, (i) an instrument is not payable with interest, and (ii) 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.

Credits

Added by Acts 1996, c. 91, § 2, eff. Jan. 1, 1997.
MD Code, Commercial Law, § 3-112, MD COML § 3-112
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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