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Sec. 37-3a

Connecticut General Statutes revised to January 1, 2001

Rate recoverable as damages.

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Sec. 37-3a. Rate recoverable as damages. Except as provided in sections 37-3b, 37-3c and 52-192a, interest at the rate of ten per cent a year, and no more, may be recovered and allowed in civil actions or arbitration proceedings under chapter 909, including actions to recover money loaned at a greater rate, as damages for the detention of money after it becomes payable. Judgment may be given for the recovery of taxes assessed and paid upon the loan, and the insurance upon the estate mortgaged to secure the loan, whenever the borrower has agreed in writing to pay such taxes or insurance or both. Whenever the maker of any contract is a resident of another state or the mortgage security is located in another state, any obligee or holder of such contract, residing in this state, may lawfully recover any agreed rate of interest or damages on such contract until it is fully performed, not exceeding the legal rate of interest in the state where such contract purports to have been made or such mortgage security is located.

(1972, P.A. 292, S. 1; P.A. 76-316, S. 1; P.A. 79-364, S. 2; P.A. 81-315, S. 1; P.A. 83-267, S. 1; P.A. 87-260, S. 2; May Sp. Sess. P.A. 92-11, S. 10, 70.)

History: P.A. 76-316 added exception as provided in Sec. 52-192a; P.A. 79-364 applied section to arbitration proceedings; P.A. 81-315 added reference to Sec. 37-3b as an exception to this section; P.A. 83-267 increased rate of interest from eight to ten per cent; P.A. 87-260 added reference to Sec. 37-3c as an exception to this section; May Sp. Sess. P.A. 92-11 deleted exception re recovery of interest with respect to demand obligations as provided in repealed Sec. 42a-3-122(4)(a).

Cited. 175 C. 138, 146. Cited. 178 C. 323, 334; 180 C. 11, 12, 47. Statute does not apply to interest payments ordered by the public utilities control authority (PUCA). 183 C. 128, 146, 147. Challenge by general contractor to constitutionality of mechanic’s lien statutes discussed. 185 C. 583, 605. Where condemnation award contemplated payment of interest at the prevailing statutory rate, court did not err in awarding interest at 6% from date of taking to October 1, 1979, when statute was amended to provide for interest at 8% from that date to date of payment. 187 C. 171 et seq. Prejudgment and postjudgment interest discussed with reference to Sec. 52-192a. 192 C. 301, 307, 308, 310. Determination of interest in condemnation proceedings is not subject to provisions of the statute. Id., 377-380. Cited. 196 C. 81, 90. Increase in interest rate only prospective in its operation. 199 C. 683, 686, 690, 691. Cited. 203 C. 324, 341. Cited. 207 C. 468, 482. Cited. 210 C. 734, 735, 748-750. Cited. 211 C. 648, 653. Cited. 213 C. 145, 160. Cited. 217 C. 281, 282, 296-298, 300-303. Cited. 218 C. 628, 643. Cited. Id., 646, 653, 675, 676. Cited. Id., 681, 682, 701-703. Cited. 222 C. 480, 485, 501. Cited. 224 C. 758, 762, 765. Cited. Id., 766, 770, 771. Cited. 228 C. 206, 208, 213, 230. Cited. 234 C. 169, 170, 174, 175, 179, 181, 182. Cited. 235 C. 1, 2, 39, 41. Cited. 238 C. 293. Cited. 239 C. 144. Cited Id., 708. Cited. 240 C. 287. Cited. 241 C. 749. Interest payable on money wrongfully withheld calculated from date on which court determines the money was due and payable. 247 C. 242.

Cited. 1 CA 595, 599. Held not an abuse of discretion for trial court to determine that statutory eight per cent interest rate which became effective in 1979 should be applied to money due since 1973. 2 CA 322, 323, 329, 331. Cited. 3 CA 111, 116, 117. Cited. 6 CA 292, 298. Cited. Id., 417, 418, 428. Cited. Id., 447, 463. Cited. 12 CA 468, 477, 479. Cited. 13 CA 330, 353. Cited. 16 CA 705, 706, 708. Cited. 18 CA 559, 565. Cited. 20 CA 566, 569. Cited. Id., 676, 679. Cited. Id., 680, 685. Cited. 21 CA 359, 364. Cited. Id., 380, 382. Cited. Id., 549-556. Cited. 22 CA 640, 651-654. Cited. 25 CA 529, 535. Cited. 27 CA 635, 639. Cited. 29 CA 484, 497, 498. Cited. 30 CA 136, 140, 141, 146. Cited. Id., 729, 736, 737. Cited. 31 CA 253, 255. Cited. Id., 455, 469. Inapplicable to punitive damages. 32 CA 133, 139, 140. Cited. 34 CA 27, 38. Cited. 35 CA 504-506, 508, 515-518. Cited. 36 CA 322, 327. Cited. 39 CA 122, 128, 129, 134, 136. Cited. 41 CA 302, 307, 308. Cited. 42 CA 712. Cited. 43 CA 645. Cited. 44 CA 402. Cited. Id., 490. Cited. 45 CA 543. Cited. 46 CA 37. Cited. Id., 87.

Cited. 33 CS 609. Cited. 37 CS 50, 85. Cited. 38 CS 610, 615. Cited. 41 CS 538-540. Cited. 44 CS 207, 220.

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