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Can't you just slap a 10% interest rate on your claim, starting from the date the deposit should have been returned?
by tremon 4y ago
Can't you just slap a 10% interest rate on your claim, starting from the date the deposit should have been returned?
- colejohnson66 4y agoYou could, but because it wasn't part of your original contract, the courts will likely find it invalid. You're not allowed to impose interest that was not agreed upon beforehand. Also, part of a trial is to make the judge/jury like you. No matter how right you are, if you're an arrogant person, you won't get much sympathy. It's much better to wait for the courts to settle the issue, where a judge could impose punitive damages (interest).
- dragonwriter 4y agoOften, the law will stipulated a legal rate of interest on damages from the point at which the breach occurred until damages are fully paid or specific property transferred. New York seems to have this, for instance, with a 9%/yr annual rate. See, e.g., https://www.propertyinsurancecoveragelaw.com/2020/07/articles/insurance/prejudgment-interest-what-is-it-and-how-does-it-help-me/ https://www.propertyinsurancecoveragelaw.com/2020/07/article...