Kentucky Statutes 362.2-107 – Supplemental principles of law — Rate of interest
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(1) Unless displaced by particular provisions of this subchapter, the principles of law and equity supplement this subchapter.
(2) If an obligation to pay interest arises under this subchapter and the rate is not specified, then the rate is that specified in KRS § 360.010.
(3) Subject to KRS § 362.2-110(2), it shall be the public policy of the Commonwealth in this subchapter to give maximum effect to the principles of freedom of contract and the enforceability of partnership agreements. Unless displaced by particular provisions of this subchapter, the principles of law and equity shall supplement this subchapter. Although this subchapter is in derogation of the common law, the rules of construction that require strict construction of statutes that are in derogation of common law shall not apply to its provisions. Except as otherwise expressly provided herein, this subchapter shall not be construed to impair the obligation of any contract existing when this subchapter, or any amendment thereto, becomes effective, nor to affect any action or proceeding begun or right accrued before this subchapter or any amendment thereto takes effect.
(4) Action validly taken pursuant to a provision of this chapter shall not be deemed invalid solely because it is identical or similar in substance to an action that could have been taken pursuant to some other provision of this chapter but fails to satisfy one (1) or more requirements prescribed by such other provision.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 133, sec. 59, effective July 15, 2010. — Created
2006 Ky. Acts ch. 149, sec. 86, effective July 12, 2006.
(2) If an obligation to pay interest arises under this subchapter and the rate is not specified, then the rate is that specified in KRS § 360.010.
Terms Used In Kentucky Statutes 362.2-107
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(3) Subject to KRS § 362.2-110(2), it shall be the public policy of the Commonwealth in this subchapter to give maximum effect to the principles of freedom of contract and the enforceability of partnership agreements. Unless displaced by particular provisions of this subchapter, the principles of law and equity shall supplement this subchapter. Although this subchapter is in derogation of the common law, the rules of construction that require strict construction of statutes that are in derogation of common law shall not apply to its provisions. Except as otherwise expressly provided herein, this subchapter shall not be construed to impair the obligation of any contract existing when this subchapter, or any amendment thereto, becomes effective, nor to affect any action or proceeding begun or right accrued before this subchapter or any amendment thereto takes effect.
(4) Action validly taken pursuant to a provision of this chapter shall not be deemed invalid solely because it is identical or similar in substance to an action that could have been taken pursuant to some other provision of this chapter but fails to satisfy one (1) or more requirements prescribed by such other provision.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 133, sec. 59, effective July 15, 2010. — Created
2006 Ky. Acts ch. 149, sec. 86, effective July 12, 2006.