Legal rate. Accrual as addition to debt
Applied in 3 court decisions — leading case In Re Connaught Properties, Inc. (1995)
Most recently applied in 2000 Conn. Super. Ct. 4634 - Egan's Corner Store v. Administrator, No. Cv 97 0161668 (Mar. 14, 2000) (March 2000)
(1949 Rev., S. 6776; 1971, P.A. 783, S. 1; P.A. 79-364, S. 1; P.A. 15-14, S. 8.) History: 1971 act added new Subsec
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
(a) The compensation for forbearance of property loaned at a fixed valuation, or for money, shall, in the absence of any agreement to the contrary, be at the rate of eight per cent a year; and, in computing interest, three hundred sixty days may be considered to be a year.
(b) Unless otherwise provided by agreement, interest at the legal rate from the date of maturity of a debt shall accrue as an addition to the debt.
Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.