Statutory Interest
/ˈstætʃəˌtɔːri ˈɪn.tərɪst/
Definitions
- (n.) Interest on a sum of money as prescribed or allowed by statute, typically for late payment or damages.
The court awarded statutory interest on the unpaid debt from the date it was due.
Forms
- statutory interest
Related terms
See also
Commentary
Statutory interest rates are often fixed by legislation and differ from contractual interest; clarity in drafting is crucial to specify whether statutory or contractual interest applies.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.