{"data":{"id":"us-ky/krs-362.2-107","jurisdiction":"us-ky","citation":"KRS 362.2-107","heading":"Supplemental principles of law -- Rate of interest.","body":"(1) Unless displaced by particular provisions of this subchapter, the principles of law\nand equity supplement this subchapter.\n(2) If an obligation to pay interest arises under this subchapter and the rate is not\nspecified, then the rate is that specified in KRS 360.010.\n(3) Subject to KRS 362.2 -110(2), it shall be the public policy of the Commonwealth in\nthis subchapter to give maximum effect to the principles of freedom of contract and\nthe enforceability of partnership agreements. Unless displaced by particul ar\nprovisions of this subchapter, the principles of law and equity shall supplement this\nsubchapter. Although this subchapter is in derogation of the common law, the rules\nof construction that require strict construction of statutes that are in derogation of\ncommon law shall not apply to its provisions. Except as otherwise expressly\nprovided herein, this subchapter shall not be construed to impair the obligation of\nany contract existing when this subchapter, or any amendment thereto, becomes\neffective, nor to affect any action or proceeding begun or right accrued before this\nsubchapter or any amendment thereto takes effect.\n(4) Action validly taken pursuant to a provision of this chapter shall not be deemed\ninvalid solely because it is identical or similar i n substance to an action that could\nhave been taken pursuant to some other provision of this chapter but fails to satisfy\none (1) or more requirements prescribed by such other provision.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34528","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:57Z","sha256":"621a09cd62200192dab77a8f7a09ca705600024b3b699fccb017895318f4cb6e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.2-106","next":"us-ky/krs-362.2-108"},"notice":"GroundRules: Original legal text. Not legal advice."}