Michigan § 438.101 - Interest on due and unpaid interest; rate.
Full text of Michigan Michigan Compiled Laws § 438.101 — Interest on due and unpaid interest; rate., with citation guidance and answers to common questions.
§ 438.101. Interest on due and unpaid interest; rate.
That when any installment of interest upon any note, bond, mortgage or other written contract shall have become due and the same shall remain unpaid, interest may be computed and collected on any such installment so due and unpaid, from the time at which it became due at the same rate as specified in any such note bond, mortgage or other written contract, not exceeding 10 per cent and if no rate of interest be specified in such instrument, then at the rate of 7 per centum per annum.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 438.101
What does Michigan Compiled Laws § 438.101 cover?
Section 438.101 ("Interest on due and unpaid interest; rate.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. 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 Michigan § 438.101?
A common citation format is "Michigan Compiled Laws § 438.101" (Michigan). 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 Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 438.101 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan 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 Michigan.