Arizona § 44-1203 - Application to principal of payments made upon interest contracted in excess of the maximum permitted by law; judgment in action to recover obligation involving usurious interest limited to amount due on principal
Full text of Arizona Arizona Revised Statutes § 44-1203 — Application to principal of payments made upon interest contracted in excess of the maximum permitted by law; judgment in action to recover obligation involving usurious interest limited to amount due on principal, with citation guidance and answers to common questions.
§ 44-1203. Application to principal of payments made upon interest contracted in excess of the maximum permitted by law; judgment in action to recover obligation involving usurious interest limited to amount due on principal
Where a rate of interest greater than the maximum permitted by law is contracted for, reserved or received, directly or indirectly, all payments of money or property made on account of such interest, or as inducements to contract for more than the maximum permitted by law, whether made in advance or not, shall be deemed payments made on account of the principal. In an action brought to recover the amount of the obligation the court shall give judgment for no greater amount than the balance determined to be due upon the principal, without interest, after deducting such payments.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 44-1203
What does Arizona Revised Statutes § 44-1203 cover?
Section 44-1203 ("Application to principal of payments made upon interest contracted in excess of the maximum permitted by law; judgment in action to recover obligation involving usurious interest limited to amount due on principal") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 44-1203?
A common citation format is "Arizona Revised Statutes § 44-1203" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 44-1203 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.