§ 6A-3-112 - Interest. - Rhode Island Statutes

SECTION 6A-3-112

   § 6A-3-112  Interest. – (a) Unless otherwise provided in the instrument, (i) an instrument is notpayable with interest, and (ii) interest on an interest-bearing instrument ispayable from the 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 or variable rate orrates. The amount or rate of interest may be stated or described in theinstrument in any manner and may require reference to information not containedin the instrument. If an instrument provides for interest, but the amount ofinterest payable cannot be ascertained from the description, interest ispayable at the judgment rate in effect at the place of payment of theinstrument and at the time interest first accrues.