General Obligations Law 5-1301 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search up TITLE 13 Construction of Particular Terms In Contractual Transactions next SECTION 5-1311 Uniform vendor and purchaser risk act Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5-1301 How interest calculated General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 13 § 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.