54-3-3. Annual rate of interest where not specified.When a rate of interest is prescribed by a law or contract, without specifying the period of time by which such rate is to be calculated, it is to be deemed an annual rate. Source: CivC 1877, §1096; CL 1887, §3719; RCivC 1903, §1415; RC 1919, §1038; SDC 1939, §38.0107.
South Dakota Legal Code