From: Marek Williams 
Newsgroups: alt.real-estate misc.invest.real-estate alt.invest.real-estate
Subject: Re: A question of damages...
Date: Wed, 06 Aug 2003 06:09:35 GMT

On Tue, 05 Aug 2003 16:00:54 +0000, Son
 dijo:

>BTW, I did a bit of research on that 9% IRS rate, and found these
>pages referencing it:

The IRS rate is irrelevant.

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.

Most states have their statutes online, so you should be able to do a
search and find the legal rate for your state without too much
trouble.

Whether you are entitled to interest is another issue, and I have not
addressed it here because it involves fairly complex issues of law and
equity. I note that you are represented by counsel, so that is the
person whose advice you should listen to. 

Good luck!

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