§3-1112. Interest
(1). Unless otherwise provided in the instrument:
(a). An instrument is not payable with interest; and [PL 1993, c. 293, Pt. A, §2 (NEW).]
(b). Interest on an interest-bearing instrument is payable from the date of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]
[PL 1993, c. 293, Pt. A, §2 (NEW).]
(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 can not 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.
[PL 1993, c. 293, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 1993, c. 293, §A2 (NEW).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 3-A: NEGOTIABLE INSTRUMENTS
Part 1: GENERAL PROVISIONS AND DEFINITIONS
11 §3-1104. Negotiable instrument
11 §3-1105. Issue of instrument
11 §3-1106. Unconditional promise or order
11 §3-1107. Instrument payable in foreign money
11 §3-1108. Payable on demand or at definite time
11 §3-1109. Payable to bearer or to order
11 §3-1110. Identification of person to whom instrument is payable
11 §3-1113. Date of instrument
11 §3-1114. Contradictory terms of instrument
11 §3-1115. Incomplete instrument
11 §3-1116. Joint and several liability; contribution
11 §3-1117. Other agreements affecting instrument