Montana Code 35-8-110. Purpose — supplemental principles of law — interest rate
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35-8-110. Purpose — supplemental principles of law — interest rate. (1) Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.
Terms Used In Montana Code 35-8-110
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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.
(2)If an obligation to pay interest arises under the provisions of this chapter and the rate of interest is not specified, then the rate is the rate of interest specified in 31-1-106.