From: Al Klein 
Newsgroups: alt.real-estate misc.invest.real-estate alt.invest.real-estate
Subject: Re: A question of damages...
Date: Thu, 07 Aug 2003 01:02:37 GMT

On Wed, 06 Aug 2003 09:44:47 +0000, Son
 posted in alt.invest.real-estate:

>In article , abc@example.com (Marek Williams) says...

>>Every state has an interest rate defined by statute as the "legal
>>rate." This has nothing to do with usury. The legal rate is the rate
>>which applies when interest is called for but there was no
>>pre-existing contract with a specified rate. For example, you are
>>injured in a car wreck and you successfully sue the other party. When
>>you get judgment against them you ask for interest until the judgment
>>is paid. You will get the "legal rate." Check the statutes of your
>>state for the legal rate of interest. If you are entitled to interest,
>>that is what you will get. The IRS rate has nothing to do with the
>>issue.

>I did a web search, and www.divorcelegalservices.com/chldsprt.htm says:

> "Section 685.020(b) of the California Code of Civil Procedure says 
> interest on arrears accrues (collects) at a legal rate of 10% as 
> each payment becomes due. This has been the law since January 1, 
> 1984. Before January 1, 1984, the legal interest rate was 7%."

This may be of interest to those in other states:
http://www.crscollect.com/CRS_files/crsresources_files/RatesTableStates.html

(BTW, as I read it the "legal rate" in California is 7%.)