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Section 104. Supplemental Principles of Law

(a) Unless displaced by particular provisions of this [Act], the principles of law and equity supplement this [Act].

(b) If an obligation to pay interest arises under this [Act] and the rate is not specified, the rate is that specified in [applicable statute].

Comment

Supplementary principles include, but are not limited to, the law of agency, estoppel, law merchant, and all other principles listed in UCC Section 1-103, including the law relative to the capacity to contract, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, and other validating and invalidating clauses. Other principles such as those mentioned in UCC Section 1-205 (Course of Dealing and Usage of Trade) apply as well as course of performance. As with UPA 1994 Section 104, upon which this provision is based, no substantive change from either the UPA or the UCC is intended. Section 104(b) establishes the applicable rate of interest in the absence of an agreement among the members.

 
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