Practice question
After failure to pay on the valid due date, Section66 makes the entire balance payable. The contract fixes no different default-interest rate. Which rate does that section specify on the balance?
- The legal rate
- Any rate a collector invents
- Only a rate approved by the subscriber after default
- No interest until a judgment in every case
- Always zero regardless of the section
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Sections63,65–66 and71.
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