Current through the 2021 Legislative Session
Section 3289 - Legal rate of interest for breach of contract(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rate of interest stipulated by a contract remains chargeable after a breach thereof, as before, until the contract is superseded by a verdict or other new obligation.(b) If a contract entered into after January 1, 1986, does not stipulate a legal rate of interest, the obligation shall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.Amended by Stats. 1986, Ch. 176, Sec. 1. Effective June 23, 1986.