North Carolina § 24-1 - Legal rate is eight percent.

§ 24-1. Legal rate is eight percent.

Except as otherwise provided in G.S. 136-113 , the legal rate of interest shall be eight percent (8%) per annum for such time as interest may accrue, and no more. History (1876-7, c. 91; Code, s. 3835; 1895, c. 69; Rev., s. 1950; C.S., s. 2305; 1979, 2nd Sess., c. 1157, s. 1; 2016-90, s. 18(a).) Cross References. - As to the effect of the secured transaction provisions of the Uniform Commercial Code, see G.S. 25-9-201. North Carolina Home Protection Pilot Program and Loan Fund. - Session Laws 2007-323, s. 22.1(a)-(f), provides for continuation and expansion of the North Carolina Home Protection Pilot Program. See note at G.S. 122A-1 . For previous similar provisions, see Session Laws 2005-276, ss. 20.2(a)-(f). Editor's Note. - Session Laws 1971, c. 1229, s. 2, effective July 1, 1971, designated §§ 24-1 through 24-11 as Article 1 of this Chapter. The 1979, 2nd Sess., amendment, effective July 1, 1980, raised the legal rate of interest from six percent per annum to eight percent per annum. Session Laws 1979, 2nd Sess., c. 1157, s. 8, provided that the act would not apply to judgments entered prior to July 1, 1980. Session Laws 2007-323, s. 1.2, provides: "This act shall be known as the 'Current Operations and Capital Improvements Appropriations Act of 2007.'" Session Laws 2007-323, s. 32.3, provides: "Except for statutory changes or other provisions that clearly indicate an intention to have effects beyond the 2007-2009 fiscal biennium, the textual provisions of this act apply only to funds appropriated for, and activities occurring during, the 2007-2009 fiscal biennium." Session Laws 2007-323, s. 32.5, is a severability clause. Session Laws 2016-90, s. 18(c), made the amendment to this section by Session Laws 2016-90, s. 18(a), applicable to causes of action filed on or after July 11, 2016. Effect of Amendments. - Session Laws 2016-90, s. 18(a), effective July 11, 2016, substituted "Except as otherwise provided in G.S. 136-113 , the" for "The." See editor's note for applicability. Legal Periodicals. - For comment on usury law in North Carolina, see 47 N.C.L. Rev. 761 (1969). For comment discussing usury limitations in North Carolina, in light of Western Auto Supply Co. v. Vick, 303 N.C. 30 , 277 S.E.2d 360, aff'd on rehearing, 304 N.C. 191 , 283 S.E.2d 101 (1981), see 18 Wake Forest L. Rev. 947 (1982). For note, "Judicially Imposed Usury Penalties in the Absence of Statutory Penalties: Can Freedom of Contract Co-Exist with Public Policy After Merritt v. Knox?," see 68 N.C.L. Rev. 1021 (1990). For article, "After Goeller v. United States, Can the Theft Loss Treatment Now Be Applied to Investments When Corporate Deception is Present?," see 38 Campbell L. Rev. 1 (2016).