554.3112 Interest. 1. Unless otherwise provided in the instrument, an instrument is not payable with interest, and 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 statedor described in the instrument in any manner and may require reference to information notcontained in the instrument. If an instrument provides for interest, but the amount of interestpayable cannot be ascertained from the description, interest is payable at the judgment ratein effect at the place of payment of the instrument and at the time interest first accrues. 94 Acts, ch 1167, §21, 121, 122; 2013 Acts, ch 30, §261 Sat Dec 23 01:55:12 2023 Iowa Code 2024, Section 554.3112 (25, 0)
Iowa Legal Code