When a rate of interest is prescribed by a law or contract, without specifying the period of time by which such rate is to be calculated, it is to be deemed an annual rate.
Cal. Civ. Code § 1916
Loan of Money
Applied in 8 court decisions — leading case 113 Cal. App. 3d 892 - Davis v. Thayer (1980)
Most recently applied in Kimetra Brice v. Haynes Investments, LLC (September 2021)
Enacted 1872.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.