47-3112

47-3112. Interest

A. Unless otherwise provided in the instrument:

1. An instrument is not payable with interest; and

2. 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.