Legal Question in Business Law in Utah
legal interest
What is the highest legal rate of interest private parties can charge on a loan evidenced by a promisory note? In other words is there a usury law or limit in Utah?
Asked on 1/05/04, 9:29 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: legal interest
Utah does not have a Usury law as such. Interest is an issue of an agreement between parties in a written instrument. If the interest rate is unconscionable - a question for trial - then it can be modified by the court. There is a "legal" rate of interest which applies to judgments on debts which do not provide for interest in a written agreement.
Answered on 1/06/04, 5:56 pm
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