28-3-112. INTEREST. (1) 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.
(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.
History:
[28-3-112, added 1993, ch. 288, sec. 2, p. 1026.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 3 - UNIFORM COMMERCIAL CODE — NEGOTIABLE INSTRUMENTS
Part 1 - GENERAL PROVISIONS AND DEFINITIONS
Section 28-3-101 - SHORT TITLE.
Section 28-3-102 - SUBJECT MATTER.
Section 28-3-103 - DEFINITIONS.
Section 28-3-104 - NEGOTIABLE INSTRUMENT.
Section 28-3-105 - ISSUE OF INSTRUMENT.
Section 28-3-106 - UNCONDITIONAL PROMISE OR ORDER.
Section 28-3-107 - INSTRUMENT PAYABLE IN FOREIGN MONEY.
Section 28-3-108 - PAYABLE ON DEMAND OR AT DEFINITE TIME.
Section 28-3-109 - PAYABLE TO BEARER OR TO ORDER.
Section 28-3-110 - IDENTIFICATION OF PERSON TO WHOM INSTRUMENT IS PAYABLE.
Section 28-3-111 - PLACE OF PAYMENT.
Section 28-3-113 - DATE OF INSTRUMENT.
Section 28-3-114 - CONTRADICTORY TERMS OF INSTRUMENT.
Section 28-3-115 - INCOMPLETE INSTRUMENT.
Section 28-3-116 - JOINT AND SEVERAL LIABILITY — CONTRIBUTION.
Section 28-3-117 - OTHER AGREEMENTS AFFECTING INSTRUMENT.