Glossary entry

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?

Discussion

Lara Barnett (asker) Jul 10, 2012:
@ Tony I obviously don't always get the hint very well, but thank you for your help and trying to "lead" me to answer.
Tony M Jul 8, 2012:
@ Lara No, absolutely not!
Tony M Jul 8, 2012:
@ Lara Well, I do think it would be better to use the proper word, since one exists in this instance.
Lara Barnett (asker) Jul 8, 2012:
@ Tony Thanks for explanation. So I could just say "... equal to the value of XX.XX GBP and the rate of interest, as set down by law, relating to this invoice." ??
Tony M Jul 8, 2012:
legal/lawful is often a false friend when translating from a number of other languages, since in EN it only normally has the meaning of "something that is allowed by the law" — i.e. it opposes 'illegal / unlawful'.

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.

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...
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
Thanks, Tony!
agree Bernhard Sulzer
46 mins
Thanks, Bernhard!
agree Veronika McLaren
1 hr
Thanks, Veronika!
agree Charlesp
3 days 11 hrs
Thanks, Charles!
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4 KudoZ points awarded for this answer. Comment: "Thank you."
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