Legal/statutory interest rates vary widely from state to state. Legal rates range from a high of 16% in New York to a current low of 4.75% in Florida. Most states have fixed rates but several states tie the legal rate to treasuries. Findlaw provides state by state legal & judgement rates, footnotes and caveats to supplement the map. As noted, rates can change so be sure to verify the current rate.
Legal interest rates play an important role in the calculation of rescissory damage. For example, a $100,000 investment in XYZ made two years ago in Florida could be awarded rescissory damages of $109,500 while the same XYZ investment could result in rescissory damages of $132,000 in New York.
Copyright DSA 2012
