N.Y. Uniform Commercial Code Law Section 3-106
Sum Certain


Section 3--106. Sum Certain.

(1)

The sum payable is a sum certain even though it is to be paid (a) with a stated rate of interest or by stated installments; or

(b)

with stated different rates of interest before and after default or a specified date; or

(c)

with a stated discount or addition if paid before or after the date fixed for payment; or

(d)

with exchange or less exchange, whether at a fixed rate or at the current rate; or

(e)

with costs of collection or an attorney’s fee or both upon default.

(2)

For the purposes of subsection one of this section “a stated rate of interest” shall also include a rate of interest that cannot be calculated by looking only to the instrument but which is readily ascertainable by a reference in the instrument to a published statute, regulation, rule of court, generally accepted commercial or financial index, compendium of interest rates, or announced rate of a named financial institution.

(3)

Nothing in this section shall validate any term which is otherwise illegal.

Source: Section 3-106 — Sum Certain, https://www.­nysenate.­gov/legislation/laws/UCC/3-106 (updated Sep. 22, 2014; accessed Dec. 21, 2024).

Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 3-106’s source at nysenate​.gov

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