687.01
Rate of interest in absence of contract.
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687.01 Rate of interest in absence of contract.—In all cases where interest shall accrue without a special contract for the rate thereof, the rate is the rate provided for in s. 55.03.
History.—s. 1, ch. 1483, 1866; ss. 1, 2, ch. 1562, 1866; RS 2320; GS 3103; RGS 4849; CGL 6936; s. 1, ch. 22745, 1945; s. 1, ch. 82-42; s. 10, ch. 94-239.
Notes of Decisions
Cited in 120
cases (13 in the last 5 years), 1945–2026 · leading case: WPB, LTD. v. Supran
WPB, LTD. v. Supran (1998)
“The main issue in this appeal is whether section 687.01, Florida Statutes (1989), controls a commercial lease which provides that interest on a security deposit "shall accrue to the tenant," but fails to discuss the rate at which the interest will accrue.”
US Home Corp. v. Suncoast Utilities (1984)
“Home's liability on all the projects. We reverse and remand on the issues of damages and calculation of prejudgment interest.”
Argonaut Ins. Co. v. May Plumbing Co. (1985)
“§ 687.01, Fla. Stat. (1983). The statutory rate in effect from the date of the loss until the entry of judgment was six per cent per annum.”
Golden Door Jewelry Creations, Inc. v. Lloyds Underwriters (1991)
“Here Defendants assert in opposition that while the statutory rate of interest in Florida is applicable at 12% per year, Fla.Stat. § 687.01, there is outstanding the question of whether said interest is to be calculated as simple interest per year or whether it should be…”
Amerace Corp. v. Stallings (2002)
“Moreover, section 687.01, Florida Statutes (1998), establishes the statutory rate for all other interest awarded, including prejudgment interest, to be the same rule as for postjudgment interest.”
Regions Bank v. Maroone Chevrolet, L.L.C. (2013)
“§ 687.01, Fla. Stat. (1994); § 55.03, Fla.”
Kissimmee Util. Auth. v. Better Plastics, Inc. (1988)
“Better Plastics appealed, and the Fifth District Court of Appeal reversed and remanded, finding that a regulated public utility has the legal obligation to pay prejudgment interest on overcharge refunds under section 687.01, Florida Statutes (1986), and Argonaut Insurance…”
Dade County v. American Re-Ins. Co. (1985)
“Asjust indicated, it is undisputed that Dade had legal authority to enter into the contract. Further, it cannot be seriously contended that American's counterclaim is not based upon an express, written contract.”
Cleary v. Cleary (2004)
“Therefore, pursuant to section 687.01, Florida Statutes (2002), the applicable rate of interest is the rate provided in section 55.”
Trend Coin Co. v. Honeywell, Inc. (1986)
“Section 687.01, Florida Statutes (1979), which was effective at the time of loss, prescribed an interest rate of six percent.”
REPUBLIC SERVICES, INC. v. Calabrese (2006)
“The court calculated part of this amount by applying the statutory rate of interest, pursuant to section 687.01, Florida Statutes (2005). Here, however, the contract that was the subject of the law suit specifically called for such interest to be calculated at an annual rate…”
Nohrr v. Brevard County Educational Fac. Auth. (1971)
“69-1739, Laws of Florida, provides that revenue bonds of this type may bear any rate of interest not exceeding seven and one-half per cent per annum.”
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