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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

003

:
Commercial Paper











 

§

3-112. Interest

(a) Unless

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.)