54-3-4. Maximum rate of interest where no rate specified--Commencement where date not specified.Under an obligation to pay interest, no rate being specified, interest is payable from date of incurrence of debt, unless the parties have otherwise agreed, at a maximum rate of the Category C rate of interest as established in §54-3-16, and in the like proportion for a longer or shorter term. In the computation of interest for less than a year, three hundred sixty days are deemed to constitute a year. Source: CivC 1877, §1097; CL 1887, §3720; RCivC 1903, §1416; RC 1919, §1039; SL 1933, ch 123, §1; SDC 1939, §38.0108; SL 1980, ch 336, §1; SL 1982, ch 341, §2; SL 1984, ch 319, §34.
South Dakota Legal Code