8.3A-112 - A-112. Interest. - Virginia Statutes

§ 8.3A-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 or variable amount ofmoney, or it may be expressed as a fixed or variable rate or rates. Theamount or rate of interest may be stated or described in the instrument inany manner and may require reference to information not contained in theinstrument. 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.

(Code 1950, §§ 6-369, 6-420; 1964, c. 219, § 8.3-118; 1992, c. 693.)