s.34Power of court to award interest on debt and damages
34
Section 34Part 0 —

Power of court to award interest on debt and damages

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Subject to rules of court, in proceedings (whenever instituted) before the Grand Court or the Summary Court for the recovery of a debt or damages there may be included in any sum for which judgment is given simple interest at such rate as the court thinks fit, not exceeding the rate prescribed from time to time by rules of court, on all or any part of the debt or damages in respect of which judgment is given or payment is made before judgment, for all or any part of the period between the date when the cause of action arose, and —
in the case of any sum paid before judgment, the date of payment; and
in the case of the sum for which judgment is given, the date of the judgment.
Subject to rules of court, where —
there are proceedings (whenever instituted) before the Grand Court or the Summary Court for the recovery of a debt; and
the defendant pays the whole debt to the plaintiff (otherwise than in pursuance of a judgment in the proceedings),
the defendant shall be liable to pay the plaintiff simple interest at such rate as the court thinks fit, not exceeding the rate prescribed by rules of court, on all or any part of the debt for all or any part of the period between the date when the cause of action arose and the date of payment.
Interest in respect of a debt shall not be awarded under this section for a period during which, for whatever reason, interest on the debt already runs.
Interest under this section may be calculated at different rates in respect of different periods.
In this section —
“plaintiff” means the person seeking the debt or damages and “defendant” means the person from whom the plaintiff seeks the debt or damages.
Nothing in this section shall affect the right of a plaintiff to enforce a contract which provides for the payment of interest, whether compound or simple, at a rate higher than that which may from time to time be prescribed by rules of court.

Defined Terms

plaintiffdefendant

Referenced By