(a) Interest shall accrue and be charged on payments overdue under § 12-4-703 at one and one-half percent (11/2%) per month beginning on the day after payment is due.

Terms Used In Tennessee Code 12-4-704

  • Contract: A legal written agreement that becomes binding when signed.
  • Month: means a calendar month. See Tennessee Code 1-3-105
(b) Interest which is unpaid at the end of each sixty-day period or at the end of any specified period provided by contract shall be added to the principal amount of the debt and shall thereafter accumulate interest.
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