Sec. 37-1. Legal rate. Accrual as addition to debt.
77 words·~1 min read·
/ct/title-37/chapter-673-interest/37-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The compensation for forbearance of property loaned at a fixed valuation, or for money, shall, in the absence of any agreement to the contrary, be at the rate of eight per cent a year; and, in computing interest, three hundred sixty days may be considered to be a year.
(b)Unless otherwise provided by agreement, interest at the legal rate from the date of maturity of a debt shall accrue as an addition to the debt.