N.Y. GOB Law § 5-1301
This is the official text of N.Y. GOB Law § 5-1301, part of New York’s GOB Law — part of the compiled statutory law of New York, published by the state as "GOB Law." Browse the sections below, each linked to its official government source.
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How interest calculated
Official statutory text
§ 5-1301. How interest calculated. Whenever, in any statute, act,\ndeed, written or verbal contract, or in any public or private instrument\nwhatever, any certain rate of interest is or shall be mentioned, and no\nperiod of time is stated for which such rate is to be calculated,\ninterest shall be calculated at the rate mentioned, by the year, in the\nsame manner as if the words "per annum" or "by the year" had been added\nto such rate.\n
Status: in_force · Read it on the official government site
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