Interest On A Decree

Interest On A Decree


Date Posted: 2018-04-26 14:04:39

On March the 16th 1982, Chief Justice Simpson gave Practice Note no 1 of 1982, which basically states with regard to section 26 of the Civil Procedure Act, Cap 21 (the Act) that "in the absence of any valid reason for ordering a higher or lower rate of interest, the rate of interest should now be 12%." Section 26 of the Act provides as follows:
"(1) Where and in so far as a decree is for the payment of money, the court may, in the decree, order interest at such rate as the court deems reasonable to be paid on the principal sum adjudged from the date of the suit to the date of the decree in addition to any interest adjudged on such principal sum for any period before the institution of the suit, with further interest at such rate as the court deems reasonable on the aggregate sum so adjudged from the date of the decree to the date of payment or to such earlier date as the court thinks fit."
"(2) Where such a decree is silent with respect to the payment of further interest on such aggregate sum as aforesaid from the date of the decree to the date of payment or other earlier date, the court shall be deemed to have ordered interest at 6 per cent per annum.
" Is the old Practice Note in keeping with the law, especially given that article 10 of the Constitution lists "the rule of law" as one of the national values and principles of governance

2 Comments

  • Leuchs

    Date: 2018-12-12 22:15:22

    Very well written, but a little appeasing. Why?|

  • easy loans with no credit check

    Date: 2019-01-01 16:38:08

    I concur- society can't skip this inequality any more. How to proceed?

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