New Mexico Statutes 56-8-3. Interest rate; no written contract
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The rate of interest, in the absence of a written contract fixing a different rate, shall be not more than fifteen percent annually in the following cases:
Terms Used In New Mexico Statutes 56-8-3
- Contract: A legal written agreement that becomes binding when signed.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A. on money due by contract;
B. on money received to the use of another and retained without the owner’s consent expressed or implied; and
C. on money due upon the settlement of matured accounts from the day the balance is ascertained.