Interest when no rate specified: statutory interest accrues from due date until tender, realization, or court-directed date. When no rate is specified in a negotiable instrument, a statutory rate of interest applies and accrues from the date the amount became payable until tender, realization, or such later date as a Court directs after suit; this statutory interest overrides private agreements, and an indorser dishonoured by non-payment is liable for interest only from receipt of notice of dishonour.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest when no rate specified: statutory interest accrues from due date until tender, realization, or court-directed date.
When no rate is specified in a negotiable instrument, a statutory rate of interest applies and accrues from the date the amount became payable until tender, realization, or such later date as a Court directs after suit; this statutory interest overrides private agreements, and an indorser dishonoured by non-payment is liable for interest only from receipt of notice of dishonour.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
