70A-3-112 - Interest. - Utah Statutes

70A-3-112. Interest.
(1) Unless otherwise provided in the instrument, an instrument is not payable withinterest, and interest on an interest-bearing instrument is payable from the date of the instrument.
(2) Interest may be stated in an instrument as a fixed or variable amount of money or itmay be expressed as a fixed or variable rate or rates. The amount or rate of interest may bestated or described in the instrument in any manner and may require reference to information notcontained in the instrument. If an instrument provides for interest, but the amount of interestpayable cannot be ascertained from the description, interest is payable at the judgment rate ineffect at the place of payment of the instrument and at the time interest first accrues.

Repealed and Re-enacted by Chapter 237, 1993 General Session