Montana Code 31-1-106. Legal interest
31-1-106. Legal interest. (1) Except as otherwise provided by the Uniform Commercial Code, 31-1-111, and 31-1-112, unless there is an express contract in writing fixing a different rate or a law or ordinance or resolution of a public body fixing a different rate on its obligations, interest is payable on all money at the rate of 10% a year after it becomes due on:
Terms Used In Montana Code 31-1-106
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- Writing: includes printing. See Montana Code 1-1-203
(a)any instrument of writing, except a judgment;
(b)an account stated;
(c)money lent or due on any settlement of accounts from the date on which the balance is ascertained; and
(d)money received for the use of another person and detained from that person.
(2)In the computation of interest for a period of less than 1 year, 365 days constitute a year.