Annual rate of interest where not specified

When a rate of interest is prescribed by a law or contract, without specifying the period of time by which such rate is to be calculated, it is to be deemed an annual rate. Source: CivC 1877, § 1096; CL 1887, § 3719; RCivC 1903, § 1415; RC 1919, § 1038; SDC 1939, § 38.0107.