legal interest

legal interest
That rate of interest prescribed by the law which will prevail in absence of any contract between the parties fixing the rate. 30 Am J Rev ed Int § 2. As to what constitutes the "legal interest" which one seeking equitable relief from a usurious transaction must offer to pay as the condition of obtaining such relief, the courts are not in entire agreement. While there is authority for the view that "legal interest" is to be computed at the rate prevailing in the absence of an agreement, it has also been held that it should be computed at the maximum legal rate, and not at the lesser rate prevailing in the absence of an agreement between the parties regarding interest. 55 Am J1st Usury § 108. See lawful interest.

Ballentine's law dictionary. . 1998.

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  • legal interest — UK US noun [C] LAW, PROPERTY ► the right to own all or part of something: a legal interest in sth »The trustee has a legal interest in the property. → Compare BENEFICIAL INTEREST(Cf. ↑beneficial interest) …   Financial and business terms

  • legal interest — see interest 1, 5 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. legal interest …   Law dictionary

  • legal interest — noun The amount of interest that is allowed or required to be charged by law; an interest rate determined by law …   Wiktionary

  • legal interest — amount of interest that is allowed to be charged; interest rate determined by law …   English contemporary dictionary

  • interest — in·ter·est / in trəst; in tə rəst, ˌrest/ n [probably alteration of earlier interesse, from Anglo French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter between, among + esse to be] 1: a right, title, claim …   Law dictionary

  • highest legal interest — Any rate of interest up to that fixed by statute as the maximum rate. Daniel v Gibson, 72 Ga 367. highest point. The apex of a vein of mineral …   Ballentine's law dictionary

  • legal — 1. Conforming to the law; according to law; required or permitted by law; not forbidden or discountenanced by law; good and effectual in law; of or pertaining to the law; lawful. Freeman v. Fowler Packing Co., 135 Kan. 378, 11 P.2d 276, 277. See… …   Black's law dictionary

  • legal — 1. Conforming to the law; according to law; required or permitted by law; not forbidden or discountenanced by law; good and effectual in law; of or pertaining to the law; lawful. Freeman v. Fowler Packing Co., 135 Kan. 378, 11 P.2d 276, 277. See… …   Black's law dictionary

  • interest — the cost of borrowing money. Glossary of Business Terms What is paid to a lender for the use of his money and includes compensation to the lender for three factors: 1) Time value of money (lender s rate) the value of today s dollar is more than… …   Financial and business terms

  • Interest — The price paid for borrowing money. It is expressed as a percentage rate over a period of time and reflects the rate of exchange of present consumption for future consumption. Also, a share or title in property. The New York Times Financial… …   Financial and business terms

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