California Law (Last Updated: March 4, 2014) |
Harbors and Navigation Code - HNC |
Division 3. VESSELS |
Chapter 2. Civil Actions and Liens |
ARTICLE 1. Bottomry |
Section 455.
Latest version.
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Upon a contract of bottomry, the parties may lawfully stipulate for a rate of interest higher than that allowed by the law upon other contracts. But a competent court may reduce the rate stipulated when it appears unjustifiable and exorbitant.
(Enacted by Stats. 1937, Ch. 368.)