The legal prejudgment rate of interest is 6% per annum, unless the parties have contracted for a different rate. A written contract may provide for a rate of interest of up to 8% per annum, unless one of the following exceptions apply:
You should note, however, that a corporate debtor is not allowed to plead usury as a defense in any action.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified creditors rights lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact an attorney in your area from our directory to discuss your specific legal situation.
Enter your location below to get connected with a qualified Creditors Rights attorney today.