152.005 – APPLICABLE INTEREST RATE. If an obligation to
Texas Business Organizations Code § 152.005
Summary
This law establishes that when an obligation to pay interest is created under the specified chapter and no rate is mentioned, the interest rate defaults to the rate outlined in the Finance Code. This affects partnerships and business organizations that may have financial obligations without a specified interest rate.
Default interest rate applies if not specified in the obligation.
Rate is determined by the Finance Code.
Affects partnerships and business organizations under this chapter.
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In simple terms: Learn about Texas's APPLICABLE INTEREST RATE. If an obligation to law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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