Sec. 1. That when any installment of interest upon any note, bond, mortgage or other written contract shall have become due and the same shall remain unpaid, interest may be computed and collected on any such installment so due and unpaid, from the time at which it became due at the same rate as specified in any such note bond, mortgage or other written contract, not exceeding 10 per cent and if no rate of interest be specified in such instrument, then at the rate of 7 per centum per annum.
Mich. Comp. Laws § 438.101
Interest on due and unpaid interest; rate
Applied in 7 court decisions — leading case 53 Mich. App. 359 - Wilson Leasing Co. v. Seaway Pharmacal Corp. (1974)
Most recently applied in In Re Dow Corning Corp. (July 1999)
1869, Act 11, Eff
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: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.