2016 New York Laws
GOB - General Obligations
Article 5 - CREATION, DEFINITION AND ENFORCEMENT OF CONTRACTUAL OBLIGATIONS
Title 13 - (5-1301 - 5-1311) CONSTRUCTION OF PARTICULAR TERMS IN CONTRACTUAL TRANSACTIONS
5-1301 - How interest calculated.

NY Gen Oblig L § 5-1301 (2016) What's This?

5-1301. How interest calculated. Whenever, in any statute, act, deed, written or verbal contract, or in any public or private instrument whatever, any certain rate of interest is or shall be mentioned, and no period of time is stated for which such rate is to be calculated, interest shall be calculated at the rate mentioned, by the year, in the same manner as if the words "per annum" or "by the year" had been added to such rate.


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