The Vermont Statutes Online
Uniform Commercial Code
otherwise provided in the instrument, (i) an instrument is not payable with
interest, and (ii) interest on an interest-bearing instrument is payable from
the date of the instrument.
(b) Interest may
be stated in an instrument as a fixed or variable amount of money or it may be
expressed as a fixed or variable rate or rates. The amount or rate of interest
may be stated or described in the instrument in any manner and may require
reference to information not contained in the instrument. If an instrument
provides for interest, but the amount of interest payable cannot be ascertained
from the description, interest is payable at the judgment rate in effect at the
place of payment of the instrument and at the time interest first accrues.
(Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)