Statutory Maximum Interest Rate Controls Over Contract and Regulatory Rates
Synthèse Legislator
Généré par l'IAThe dispute involved the proper calculation of late payment interest, where the governing statute prescribed a specific rate, but the contract stipulated a higher one, and the relevant administrative regulation established a lower, alternative rate structure based on the type of transaction. The court reasoned that the statutory interest rate controlled as the maximum permissible rate, and because the regulation provided a lower alternative rate that the parties had not agreed to, the statutory rate, which was higher than the contract rate, must be applied, upholding the contract rate only to the extent it did not exceed the statutory maximum, which in this case it did.
Regeste Legislator
Généré par l'IAArt. 66 al. 1 LTF; Statutory Maximum Interest Rate Controls Over Contract and Regulatory Rates: The court reasoned that the statutory interest rate controlled as the maximum permissible rate, and because the regulation provided a lower alternative rate that the parties had not agreed to, the statutory rate, which was higher than the contract rate, must be applied, upholding the contract rate only to the extent it did not exceed the statutory maximum, which in this case it did.
Mots-clés
Généré par l'IADispositions légales citées
Généré par l'IADécisions connexes
Généré par l'IAQuestions juridiques clés extraites par Legislator
Généré par l'IAThis article is cited in the dispositive to allocate procedural costs.
Texte complet
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