<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 54-3-4 - Maximum rate of interest where no rate specified--Commencement where date not specified. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072162Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072162SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072162CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072162Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072162DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072162000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072162SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072162SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2072162Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-3-4"><span class="s2072162SENU">54-3-4</span></a><span xml:space="preserve" class="s2072162SENU">. </span><span class="s2072162CL">Maximum rate of interest where no rate specified--Commencement where date not specified.</span></p><p dir="ltr" class="s2072162Normal-000000"><span xml:space="preserve" class="s2072162DefaultParagraphFont">Under an obligation to pay interest, no rate being specified, interest is payable from date of incurrence of debt, unless the parties have otherwise agreed, at a maximum rate of the Category C rate of interest as established in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-3-16"><span class="s2072162DefaultParagraphFont">54-3-16</span></a><span class="s2072162DefaultParagraphFont">, and in the like proportion for a longer or shorter term. In the computation of interest for less than a year, three hundred sixty days are deemed to constitute a year.</span></p><p dir="ltr" class="s2072162Normal"><span xml:space="preserve" class="s2072162000001"> </span></p><p dir="ltr" class="s2072162Normal"><span class="s2072162SCL">Source:</span><span xml:space="preserve" class="s2072162SCL-000002"> CivC 1877, § 1097; CL 1887, § 3720; RCivC 1903, § 1416; RC 1919, § 1039; SL 1933, ch 123, § 1; SDC 1939, § 38.0108; SL 1980, ch 336, § 1; SL 1982, ch 341, § 2; SL 1984, ch 319, § 34.</span></p></div></body></html>