362.2-107 Supplemental principles of law -- Rate of interest.
(1)
(2)
(3)
(4)
Unless displaced by particular provisions of this subchapter, the principles of law
and equity supplement this subchapter.
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.
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.
Action validly taken pursuant to a provision of this chapter shall not be deemed
invalid solely because it is identical or similar in substance to an action that could
have been taken pursuant to some other provision of this chapter but fails to satisfy
one (1) or more requirements prescribed by such other provision.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 133, sec. 59, effective July 15, 2010. -- Created
2006 Ky. Acts ch. 149, sec. 86, effective July 12, 2006.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.