INTEREST ON OVERDUE PAYMENT
Applied in 6 court decisions — leading case AMX Enterprises, L.L.P. v. Master Realty Corp. (2009)
Most recently applied in Alan Gordon, Lauren Gordon, and IBL Construction & Design, LLC v. Dennis Leasman D/B/A Leasman Contracting (October 2011)
Added by Acts 1993, 73rd Leg., ch. 479, Sec. 1, eff
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.
(a) An unpaid amount required under this chapter begins to accrue interest on the day after the date on which the payment becomes due.
(b) An unpaid amount bears interest at the rate of 1-1/2 percent each month.
(c) Interest on an unpaid amount stops accruing under this section on the earlier of:
(1) the date of delivery;
(2) the date of mailing, if payment is mailed and delivery occurs within three days; or
(3) the date a judgment is entered in an action brought under this chapter.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.