Practice question
A subscriber defaults on a valid due date. The thirty-day delinquency period has not yet elapsed. She claims Section66 default interest necessarily begins only on the later delinquency date. What is correct?
- The section computes the stated interest from the specified payment date, not only after delinquency
- Default interest always waits for a completed auction
- No interest can run before a court judgment
- The thirty-day rule retroactively erases default
- The subscriber may choose a new date unilaterally
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Sections63,65–66 and71.
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