Statute · New York Uniform Commercial Code
N.Y. U.C.C. Law § 3-106 — Sum Certain
N.Y. U.C.C. Law § 3-106
- Type
- Statute
- Source
- New York Uniform Commercial Code
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
Section 3--106. Sum Certain.
Citator
N.Y. U.C.C. Law § 3-106 — Sum Certain is in force in the current edition of the Code, and nothing recorded condemns it.
Section 3--106. Sum Certain.
(1) The sum payable is a sum certain even though it is to be paid
(a) with a stated rate of interest or by stated installments; or
(b) with stated different rates of interest before and after
default or a specified date; or
(c) with a stated discount or addition if paid before or after
the date fixed for payment; or
(d) with exchange or less exchange, whether at a fixed rate or at
the current rate; or
(e) with costs of collection or an attorney's fee or both upon
default.
(2) For the purposes of subsection one of this section "a stated rate of interest" shall also include a rate of interest that cannot be calculated by looking only to the instrument but which is readily ascertainable by a reference in the instrument to a published statute, regulation, rule of court, generally accepted commercial or financial index, compendium of interest rates, or announced rate of a named financial institution.
(3) Nothing in this section shall validate any term which is otherwise illegal.