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Section 10: Rate of interest on decrees

The United Provinces Debt Redemption Act, 1940State Act of Uttar Pradesh · Act 13 of 1940

10. (1) Notwithstanding anything contained in section 34 of the Code of Civil Procedure, 1908, the court shall not order future interest on the aggregate sum adjudged in a decree to which this Act applies or in a decree amended under the provisions of this Act, at a rate exceeding three percent. per annum simple interest.

(2) If in a decree to be amended under the provisions of this Act a higher rate of future interest has been allowed by the court passing the decree such rate shall, with effect from the date of the decree, be reduced to a rate permitted by the provisions of sub-section (1) and the decree shall be amended accordingly.

(3) When a decree is executed by the grant of a mortgage under the second proviso to sub-section (1) of section 17, then, notwithstanding a different rate in the decree, the rate of interest shall from the date when such mortgage is granted, be deemed to be three per cent. per annum.

Where this provision sits

ActThe United Provinces Debt Redemption Act, 1940
Section10
Marginal noteRate of interest on decrees
JurisdictionState of Uttar Pradesh
StatusIn force as published by the source

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