6.1-330.53 - (Repealed effective October 1, 2010) Legal rate of interest; when legal rate implied. - Virginia Statutes

§ 6.1-330.53. (Repealed effective October 1, 2010) Legal rate of interest;when legal rate implied.

The legal rate of interest shall be an annual rate of six percent. Except asprovided in subsection (b) of § 8.3A-112 and § 6.1-330.54, the legal rate ofinterest shall be implied where there is an obligation to pay interest and noexpress contract to pay interest at a specified rate.

(1987, c. 622; 2004, c. 646.)