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.
S.D. Codified Laws § 54-3-3
Annual rate of interest where not specified
Applied in 1 court decision — leading case Tri-State Refining & Investment Co. v. Apaloosa Co. (1988)
Most recently applied in Tri-State Refining & Investment Co. v. Apaloosa Co. (November 1988)
Source: CivC 1877, § 1096; CL 1887, § 3719; RCivC 1903, § 1415; RC 1919, § 1038; SDC 1939, § 38.0107.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.