Mich. Comp. Laws » Michigan Compiled Laws / Chapter 440 / Act 174 of 1962
Michigan Compiled Laws

Mich. Comp. Laws § 440.3112 (2026)

Interest.

✓ current as of July 2026
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UNIFORM COMMERCIAL CODE


Act 174 of 1962


440.3112 Interest.

Sec. 3112.

    (1)  Unless otherwise provided in the instrument:

    (a) An instrument is not payable with interest.

    (b) 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.

History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1964, Act 250, Eff. Aug. 28, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993

Notes of Decisions
Cited in 1 case, 1980–1980 · leading case: Stand. Fed. Sav. & Loan Ass'n v. Citizens Ins. Co. of Am., 297 N.W.2d 656 (Mich. Ct. App. 1980).
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Stand. Fed. Sav. & Loan Ass'n v. Citizens Ins. Co. of Am., 297 N.W.2d 656 (Mich. Ct. App. 1980). “) Furthermore, MCL 440.3112(1); MSA 19.3112(1) dictates that: "The negotiability of an instrument is not affected by * * * (f) a term in a draft providing that the payee by indorsing or cashing it acknowledges full satisfaction of an obligation of the drawer[.”
Mich. Comp. Laws § 440.3112(1): 1 case
Stand. Fed. Sav. & Loan Ass'n v. Citizens Ins. Co. of Am., 297 N.W.2d 656 (Mich. Ct. App. 1980). “) Furthermore, MCL 440.3112(1); MSA 19.3112(1) dictates that: "The negotiability of an instrument is not affected by * * * (f) a term in a draft providing that the payee by indorsing or cashing it acknowledges full satisfaction of an obligation of the drawer[.”
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