US lawCaliforniaStatutesCode civDivision 3Part 4Title 4Chapter 31916Cal. CIV § 1916Cal. CIV § 1916Last amended: 1872Year: 2025Length: 34 wordsOfficial source 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.PreviousCal. CIV § 1915NextCal. CIV § 1916.1