Oregon Statutes 73.0112 – Interest
(1) Unless otherwise provided in the instrument:
Terms Used In Oregon Statutes 73.0112
- Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Oregon Statutes 73.0103
- Maker: means a person who signs or is identified in a note as a person undertaking to pay. See Oregon Statutes 73.0103
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Order: means a written instruction to pay money signed by the person giving the instruction. See Oregon Statutes 73.0103
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
(a) An instrument is not payable with interest; and
(b) Interest on an interest-bearing instrument is payable from the date of the instrument.
(2) Interest may be stated in an instrument as a fixed or variable amount of money or it may be expressed as a fixed or variable rate or rates. The amount or rate of interest may be stated or described in the instrument in any manner and may require reference to information not contained in the instrument. If an instrument provides for interest, but the amount of interest payable cannot be ascertained from the description, interest is payable at the judgment rate in effect at the place of payment of the instrument and at the time interest first accrues.
(3) Nothing in subsection (1)(a) of this section shall affect any right of a holder of a check, draft or order that has been dishonored by nonacceptance or nonpayment or on which the maker or drawer has stopped payment without good cause:
(a) To collect interest on the debt or obligation for which the check, draft or order was given, pursuant to ORS § 82.010; or
(b) To exercise the remedies provided in ORS § 30.701. [1993 c.545 § 15; 1999 c.707 § 2]