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legal rate of interest

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia 0.01 sec.
legal rate of interest

The rate of interest set by state law in the absence of an agreement by the parties.It is usually the same rate established for interest on judgments.Contrast with lawful interest.
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Second, regardless of which party appeals, if a judgment debtor retains the use of the money during an appeal, then presumably a debtor may invest the money so that its value compounds at a rate at least equivalent to the legal rate of interest.
Hospital to Pay $1.5 Million Interest on $3 Million Judgment by Tammelleo, A. David / Hospital Law's Regan Report
If the legal rate of interest in Great Britain, for example, was fixed so high as eight or ten percent, the greater part of the money which was to be lent, would be lent to prodigals and projectors, who alone would be willing to give this high interest.
Did Adam Smith Retard the Development of Economic Analysis?: A ... by AHIAKPOR, JAMES C. W. / Independent Review
It is very common for mortgage documents to provide that if it is determined that the interest rate is usurious, that amount which exceeds the legal rate of interest will not be deemed interest, but will be considered to be a payment toward reducing the principal of the mortgage.
Usury-avoidance provision in a mortgage is useless by Schiff, Edward L. / Real Estate Weekly
 
 
 
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