All liquidated demands, where by agreement or otherwise the sum to be paid is fixed or certain, bear interest from the time the party shall become liable and bound to pay them; if payable on demand, they shall bear interest from the time of the demand. In case of promissory notes payable on demand, the law presumes a demand instantly and gives interest from date.
O.C.G.A. § 7-4-15
When interest runs on liquidated demands; promissory notes payable on demand
Applied in 1 court decision — leading case 67 F. Supp. 2d 1375 - Associated Mechanical Corp. v. Martin K. Eby Construction Co. (1999)
Most recently applied in 67 F. Supp. 2d 1375 - Associated Mechanical Corp. v. Martin K. Eby Construction Co. (September 1999)
Laws 1799, Cobb’s 1851 Digest, p. 405.; Ga
Current official text: Official Code of Georgia Annotated (LexisNexis). Digitized from the Internet Archive scan of the OCGA. Reproduced from public-domain Georgia statutes; confirm against the official source for the current text. Not legal advice.