O.C.G.A.

O.C.G.A. § 11-3-112 (2019)

Interest

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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(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.

History

Code 1981, § 11-3-112, enacted by Ga. L. 1996, p. 1306, § 3.

Annotations

JUDICIAL DECISIONS Accrual of interest. - Even though notes did not specifically provide that interest would begin to accrue on the date of the note, such was the construction of the

notes under former § 11-3-118(d), as that section applied to these notes. Talmadge v. Respess, 224 Ga. App. 768, 482 S.E.2d 709, 1997 Ga. App. LEXIS 232 (1997).

RESEARCH REFERENCES U.L.A. Uniform Commercial Code (U.L.A.) § 3112.

Notes of Decisions

Cited in 2 cases, 1993–1997 · leading case: Willson v. MLA, Inc. (In Re Ascot Mortg., Inc.), 153 B.R. 1002 (Bankr. N.D. Ga. 1993).

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Willson v. MLA, Inc. (In Re Ascot Mortg., Inc.), 153 B.R. 1002 (Bankr. N.D. Ga. 1993). · cites it 2× “O.C.G.A. § 11-3-112(l)(b) [Georgia has not adopted the official version of § 3 — 112(l)(b).”

Talmadge v. Respess, 482 S.E.2d 709 (Ga. Ct. App. 1997). “1306, § 3, and is now codified at § 11-3-112 (a) (ii)). Former OCGA § 11-3-118 (d) provides that “[ujnless otherwise specified a provision for interest means interest.”

— 11-3-112(l)(b) — 1 case

Willson v. MLA, Inc. (In Re Ascot Mortg., Inc.), 153 B.R. 1002 (Bankr. N.D. Ga. 1993). “O.C.G.A. § 11-3-112(l)(b) [Georgia has not adopted the official version of § 3 — 112(l)(b).”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.