Cal. Harb. and Nav. Code § 455

Current through the 2023 Legislative Session.

Section 455 - Stipulation of higher rate of interest than allowed by law; reduction of rate by court

Upon a contract of bottomry, the parties may lawfully stipulate for a rate of interest higher than that allowed by the law upon other contracts. But a competent court may reduce the rate stipulated when it appears unjustifiable and exorbitant.

Ca. Harb. and Nav. Code § 455

Enacted by Stats. 1937, Ch. 368.