What Is a Legal Interest?

Wettelijke rente is a term that can refer to many different kinds of property rights. It can refer to ownership of physical items like clothes and cars, as well as non-physical items like intellectual property or copyright protection. The concept of legal interest also includes the right to enforce your ownership through the law.

A security interest in a piece of real property can help to give a creditor the ability to collect on a debt out of that particular property without having to get a judgment in court and then levying it against the property. In addition, it can give a creditor priority over competing claims against the property.

Navigating Legal Waters: A Comprehensive Guide to Legal Interest

The state of Louisiana regulates the rate of judicial interest by using the Commissioner of Financial Institutions to ascertain the Federal Reserve’s “discount rate” published daily in the Wall Street Journal. That enables the Commissioner to set the interest rate each year.

In the state of North Dakota, the maximum lawful rate of interest for loans or advances of money is 6% unless a contract provides otherwise. In Wyoming, the legal rate of interest is 10%; see Section 47-14-103 of the Wyoming Code.

Some lenders use creative methods to circumvent usury laws, such as by incorporating in states that have less restrictive laws than other states. Others may simply rely on the terms of service or other agreements signed by customers that allow them to charge higher rates than those allowed by state law.

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