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Illinois Compiled Statutes

810 ILCS 5/3-112 (2026)

Interest

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(810 ILCS 5/3-112) (from Ch. 26, par. 3-112)
    Sec. 3-112. Interest.
    (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.
(Source: P.A. 87-582; 87-1135.)

    
Notes of Decisions
Cited in 2 cases, 2016–2016 · leading case: Cole v. Davis, 2016 IL App (1st) 152716 (Ill. App. Ct. 2016).
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Cole v. Davis, 2016 IL App (1st) 152716 (Ill. App. Ct. 2016). · cites it 4× “Plaintiff further argued that section 3-112 of the Uniform Commercial Code (UCC) (810 ILCS 5/3-112 (West 2000)) expressly authorizes the use of a variable interest rate in instruments like the promissory note in question.”
Cole v. Davis, 2016 IL App (1st) 152716 (Ill. App. Ct. 2016). · cites it 4× “Plaintiff further argued that section 3-112 of the Uniform Commercial Code (UCC) (810 ILCS 5/3-112 (West 2000)) expressly authorizes the use of a variable interest rate in instruments like the promissory note in question.”
— 810 ILCS 5/3-112(b) — 2 cases
Cole v. Davis, 2016 IL App (1st) 152716 (Ill. App. Ct. 2016). “Plaintiff further argued that section 3-112 of the Uniform Commercial Code (UCC) (810 ILCS 5/3-112 (West 2000)) expressly authorizes the use of a variable interest rate in instruments like the promissory note in question.”
Cole v. Davis, 2016 IL App (1st) 152716 (Ill. App. Ct. 2016). “Plaintiff further argued that section 3-112 of the Uniform Commercial Code (UCC) (810 ILCS 5/3-112 (West 2000)) expressly authorizes the use of a variable interest rate in instruments like the promissory note in question.”
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