16-201. Legal rate of interest.
16-201
16-201. Legal rate of interest.
Creditors shall be allowed to receive interest at the rate of ten
percent per annum, when no other rate of interest is agreed upon, for
any money after it becomes due; for money lent or money due on
settlement of account, from the day of liquidating the account and
ascertaining the balance; for money received for the use of another and
retained without the owner's knowledge of the receipt; for money due and
withheld by an unreasonable and vexatious delay of payment or settlement
of accounts; for all other money due and to become due for the
forbearance of payment whereof an express promise to pay interest has
been made; and for money due from corporations and individuals to their
daily or monthly employees, from and after the end of each month, unless
paid within fifteen days thereafter.
History: L. 1889, ch. 164, § 1; L. 1980, ch. 74, § 1; July 1.