6. If a motor vehicle franchisor fails to make any payment required by this 1991 amendatory and supplementary act within the time specified for payment, interest shall be added to that payment at the rate of 12% per annum from the date payment was due.
N.J. Stat. Ann. § 56:10-13.5
Interest on overdue payments
Applied in 2 court decisions — leading case Liberty Lincoln-Mercury v. Ford Motor Co. (1998)
Most recently applied in Liberty Lincoln-Mercury, Inc. v. Ford Motor Co. (April 2012)
L.1991,c.459,s.6.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.