If a creditor has not agreed with an obligor to charge the obligor any interest, the creditor may charge and receive from the obligor legal interest at the rate of six percent a year on the principal amount of the credit extended beginning on the 30th day after the date on which the amount is due. If an obligor has agreed to pay to a creditor any compensation that constitutes interest, the obligor is considered to have agreed on the rate produced by the amount of that interest, regardless of whether that rate is stated in the agreement.
Tex. Fin. Code § 302.002
ACCRUAL OF INTEREST WHEN NO RATE SPECIFIED
Applied in 35 court decisions — leading case Walden v. Affiliated Computer Services, Inc. (2003)
Most recently applied in Walker & Associates Surveying, Inc. v. Roberts (February 2010)
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), 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: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.