California Civil Code

§ 3289

CIV § 3289 Effective Jun 23, 1986Div. 4 · Title 2 · Part 1 · Ch. 1 · Art. 2

Statute text

(a)Any legal rate of interest stipulated by a contract remains chargeable after a breach thereof, as before, until the contract is superseded by a verdict or other new obligation.

(b)If a contract entered into after January 1, 1986, does not stipulate a legal rate of interest, the obligation shall bear interest at a rate of 10 percent per annum after a breach. For the purposes of this subdivision, the term contract shall not include a note secured by a deed of trust on real property.

Legislative history

Amended by Stats. 1986, Ch. 176, Sec. 1. Effective June 23, 1986.