400.3-112. Interest. - Missouri Statutes

Interest.

400.3-112. (a) Unless otherwise provided in theinstrument, (i) an instrument is not payable with interest, and(ii) interest on an interest-bearing instrument is payable fromthe date of the instrument.

(b) Interest may be stated in an instrument as a fixed orvariable amount of money or it may be expressed as a fixed orvariable rate or rates. The amount or rate of interest may bestated or described in the instrument in any manner and mayrequire reference to information not contained in the instrument.If an instrument provides for interest, but the amount ofinterest payable cannot be ascertained from the description,interest is payable at the judgment rate in effect at the placeof payment of the instrument and at the time interest firstaccrues.

(L. 1992 S.B. 448)

*No continuity with § 400.3-112 as repealed by L. 1992 S.B. 448.