Glossary entry (derived from question below)
English term or phrase:
legal/lawful rate of interest
English answer:
statutory interest rate
Added to glossary by
Lara Barnett
Jul 8, 2012 12:51
11 yrs ago
10 viewers *
English term
legal/lawful rate of interest
English
Law/Patents
Business/Commerce (general)
Company letter of receivership
Is there a set expression in legal terminology to express the legal rate of interest? I am translating from another language which uses this expression. As I cannot find any examples on this, I was wondering if using this term is OK, or is there another expression that is commonly used?
Responses
4 +4 | statutory interest rate | Martin Riordan |
Responses
+4
45 mins
Selected
statutory interest rate
If it means an interest rate that is established, rather than permitted, by law, perhaps this term would fit the bill.
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Note added at 48 mins (2012-07-08 13:39:54 GMT)
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Similar terminology is used in the UK:
"The revisions to the legislation also include the simplification of the calculation of statutory interest."
https://payontime.co.uk/late-payment-legislation-interest-ca...
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Note added at 48 mins (2012-07-08 13:39:54 GMT)
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Similar terminology is used in the UK:
"The revisions to the legislation also include the simplification of the calculation of statutory interest."
https://payontime.co.uk/late-payment-legislation-interest-ca...
Example sentence:
STATUTORY INTEREST RATES PURSUANT TO SECTION 55.03, FLORIDA STATUTES
Peer comment(s):
agree |
Tony M
: Yes, of course! That's the word I was trying to lead Lara to.
7 mins
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Thanks, Tony!
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agree |
Bernhard Sulzer
46 mins
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Thanks, Bernhard!
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agree |
Veronika McLaren
1 hr
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Thanks, Veronika!
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agree |
Charlesp
3 days 11 hrs
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Thanks, Charles!
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4 KudoZ points awarded for this answer.
Comment: "Thank you."
Discussion
But of course, in most instances that is not the intended meaning when applied to things like interest rates etc.!
When the meaning is simply "as laid down by law", there is another common term which is usually more applicable.