Annual rate of interest where not specified.

  1. Law
  2. South Dakota Codified Laws
  3. Debtor and Creditor
  4. Interest And Usury
  5. Annual rate of interest where not specified.

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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.


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