2006 Kentucky Revised Statutes - .107   Supplemental principles of law -- Rate of interest.

362.2-107 Supplemental principles of law -- Rate of interest. (1) Unless displaced by particular provisions of this subchapter, the principles of law and equity supplement this subchapter. (2) If an obligation to pay interest arises under this subchapter and the rate is not specified, then the rate is that specified in KRS 360.010. (3) Subject to KRS 362.2-110(2), it shall be the public policy of the Commonwealth in this subchapter to give maximum effect to the principles of freedom of contract and the enforceability of partnership agreements. Unless displaced by particular provisions of this subchapter, the principles of law and equity shall supplement this subchapter. Although this subchapter is in derogation of the common law, the rules of construction that require strict construction of statutes that are in derogation of common law shall not apply to its provisions. Except as otherwise expressly provided herein, this subchapter shall not be construed to impair the obligation of any contract existing when this subchapter, or any amendment thereto, becomes effective, nor to affect any action or proceeding begun or right accrued before this subchapter or any amendment thereto takes effect. Effective: July 12, 2006 History: Created 2006 Ky. Acts ch. 149, sec. 86, effective July 12, 2006. Page 1 of 1