N.Y. General Obligations Law 5-1301 – How interest calculated
Current as of: 2024 | Check for updates
|
Other versions
§ 5-1301. How interest calculated. Whenever, in any statute, act, deed, written or verbal contract, or in any public or private instrument whatever, any certain rate of interest is or shall be mentioned, and no period of time is stated for which such rate is to be calculated, interest shall be calculated at the rate mentioned, by the year, in the same manner as if the words "per annum" or "by the year" had been added to such rate.
Terms Used In N.Y. General Obligations Law 5-1301
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Statute: A law passed by a legislature.