Amended by Stats. 1986, Ch. 176, Sec. 1. Effective June 23, 1986.
(a)Any legal rate of interest stipulated by a contract remains chargeable after a breach thereof, as before, until the contract is superseded by a verdict or other new obligation.
(b)If a contract entered into after January 1, 1986, does not stipulate a legal rate of interest, the obligation shall bear interest at a rate of 10 percent per annum after a breach.
For the purposes of this subdivision, the term contract shall not include a note secured by a deed of trust on real
property.
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