31-1-106. Legal interest.
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/mt/title-31/chapter-1/part-1/31-1-106·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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:
(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.