Statute · New York General Obligations Law
N.Y. Gen. Oblig. Law § 5-1301 — How interest calculated
N.Y. Gen. Oblig. Law § 5-1301
- Type
- Statute
- Source
- New York General Obligations Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 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…
Citator
N.Y. Gen. Oblig. Law § 5-1301 — How interest calculated is in force in the current edition of the Code, and nothing recorded condemns it.
§ 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.