Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/3-112

(810 ILCS 5/3-112) (from Ch. 26, par. 3-112)

Sec. 3-112.

Interest.

(a) Unless otherwise provided in the instrument, (i) an instrument is
not payable with interest, and (ii) interest on an interest-bearing
instrument is payable from the date of the instrument.

(b) 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.

(Source: P.A. 87-582; 87-1135.)