legal rate of interest


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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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default rate should be equal to the legal rate of interest that Delaware
(7) On loans that exceed $500,000, the maximum legal rate of interest is 25 percent.
In a number of cases that have dealt specifically with the issue of fair consideration, courts have concluded that interest paid within the maximum legal rate of interest constitutes fair consideration.

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