61-1-104 - Supplemental principles of law.
61-1-104. Supplemental principles of law.
(a) Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.
(b) If an obligation to pay interest arises under this chapter and the rate is not specified, the rate is the applicable federal rate as determined from time to time by the United States treasury pursuant to 26 U.S.C. § 1274(d) or any successor law.
(c) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this chapter.
[Acts 2001, ch. 353.]