Statutory interest
Interest that can be claimed because legislation or court rules allow it, rather than solely because a contract provides for it.
Related terms
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Statutory
Required, created or governed by legislation rather than only by a private agreement.
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Default interest
A higher or additional rate of interest that may become payable after a default, where the agreement lawfully allows it.
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Default charges
Fees or costs applied because an agreement has been breached, subject to the contract and any applicable legal or regulatory limits.
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