                                 CODE OF VIRGINIA

INTEREST (§ 8.3A-112)

a. Unless otherwise provided in the instrument, (i) an instrument is not payable
with interest, and (ii) interest on an interest-bearing instrument is payable
from the date of the instrument.

b. Interest may be stated in an instrument as a fixed or variable amount of
money, or it may be expressed as a fixed or variable rate or rates. The amount
or rate of interest may be stated or described in the instrument in any manner
and may require reference to information not contained in the instrument. If an
instrument provides for interest, but the amount of interest payable cannot be
ascertained from the description, interest is payable at the judgment rate in
effect at the place of payment of the instrument and at the time interest first
accrues.

HISTORY: Code 1950, §§ 6-369, 6-420; 1964, c. 219, § 8.3-118; 1992, c. 693.