54-3-4. Maximum rate of interest where no rate specified--Commencement where date not specified.
Under an obligation to pay interest, no rate being specified, interest is payable from date of incurrence of debt, unless the parties have otherwise agreed, at a maximum rate of the Category C rate of interest as established in §54-3-16, and in the like proportion for a longer or shorter term. In the computation of interest for less than a year, three hundred sixty days are deemed to constitute a year.
Source: CivC 1877, §1097; CL 1887, §3720; RCivC 1903, §1416; RC 1919, §1039; SL 1933, ch 123, §1; SDC 1939, §38.0108; SL 1980, ch 336, §1; SL 1982, ch 341, §2; SL 1984, ch 319, §34.
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 03 - Interest And Usury
Section 54-3-1 - Interest defined.
Section 54-3-1.1 - Rate of interest set by written agreement--No maximum or usury restriction.
Section 54-3-2 - Loan of money--Presumption as to interest.
Section 54-3-3 - Annual rate of interest where not specified.
Section 54-3-5.1 - Interest on judgments, statutory liens and inverse condemnations.
Section 54-3-6 - Legal rate of interest stipulated by contract after breach.
Section 54-3-8 - Interest on loan--Advance deduction.
Section 54-3-13 - Regulated lenders exempt from interest rate limitations and usury statutes.
Section 54-3-14 - Regulated lenders defined.
Section 54-3-15 - Exemption from federal preemption of state usury laws.
Section 54-3-16 - Official state interest rates.
Section 54-3-17 - Recommendations for amendment of official rates.