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2018 Georgia Code 11-3-112 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 11-3-112 Case Law from Google Scholar Amendments to OCGA 11-3-112

TITLE 11 COMMERCIAL CODE

Section 3. Negotiable Instruments, 11-3-101 through 11-3-605.

ARTICLE 3 NEGOTIABLE INSTRUMENTS

11-3-112. Interest.

  1. 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.
  2. 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.

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

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).

RESEARCH REFERENCES

U.L.A.

- Uniform Commercial Code (U.L.A.) § 3-112.

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