Rate of interest - 1982
Made on: Tue, March 16th 1982
High court of Kenya
Simpson Ag CJ
March 16, 1982
Practice note no. 1 of 1982
Civil procedure act (act 21) section 26
Interest- rate of interest- power of the court to order payment of interest- interest on principal sum of decree-rate to be applied in the absence of a valid reason to order either a higher or lower rate.
March 16, 1982, Simpson AG CJ gave the following practice direction. The civil procedure act (cap 21 laws of Kenya) section 26 enables the court to order interest on the principal sum adjudged in a decree both before and after the date of the decree to be paid at such rate as the court deems reasonable.
In the absence of any valid reason for ordering a higher or lower rate of interest, the rate of interest should now be 12%.