Illinois Compiled Statutes
815 ILCS 205/2 (2026)
Creditors shall be allowed to receive at the rate of five (5) per centum per annum for all moneys after they become due on any bond, bill, promissory note, or other instrument of writing; on money lent or advanced for the use of another; on money due on the settlement of account from the day of liquidating accounts between the parties and ascertaining the balance; on money received to the use of another and retained without the owner's knowledge; and on money withheld by an unreasonable and vexatious delay of payment
✓ current as of May 2026
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(815 ILCS 205/2)
(from Ch. 17, par. 6402)
Sec. 2.
Creditors shall be allowed to receive at the rate of five (5) per
centum per annum for all moneys after they become due on any bond, bill,
promissory note, or other instrument of writing; on money lent or advanced
for the use of another; on money due on the settlement of account from the
day of liquidating accounts between the parties and ascertaining the
balance; on money received to the use of another and retained without the
owner's knowledge; and on money withheld by an unreasonable and vexatious
delay of payment.
In the absence of an agreement between the creditor and debtor governing
interest charges, upon 30 days' written
notice to the debtor, an assignee or agent of the creditor may charge
and collect interest as provided in this Section on behalf of a creditor.
(Source: P.A. 90-417, eff. 1-1-98.)
Notes of Decisions
Cited in 210
cases (28 in the last 5 years), 1993–2026 · leading case: Chandra v. Chandra, 2016 IL App (1st) 143858 (Ill. App. Ct. 2016).
Chandra v. Chandra, 2016 IL App (1st) 143858 (Ill. App. Ct. 2016). “They contend that the trial court erred in denying their respective requests for an award of prejudgment interest, asserting that such an award was statutorily mandated pursuant to the Illinois Interest Act (Interest Act) (815 ILCS 205/2 (West 2014)), because the contract at…”
First Nat. Bank of Lagrange v. Lowrey, 872 N.E.2d 447 (Ill. App. Ct. 2007). “” 815 ILCS 205/2 (West 2004). To recover prejudgment interest under the Act, there must be a fixed or easily calculated amount due from a debtor-creditor relationship that has come into existence by virtue of a written instrument.”
Statewide Ins. v. Houston Gen. Ins., 920 N.E.2d 611 (Ill. App. Ct. 2009). “We conclude that Houston General is not entitled to a reduction of Statewide's defense costs because Statewide was entitled to reimbursement from Houston General of the defense costs it actually paid in defending the McCartin suit.”
Bassett v. Pekin Police Pension Bd., 839 N.E.2d 130 (Ill. App. Ct. 2005). “In its brief, the Board contends that plaintiff is not entitled to interest on the disputed amount from the time of its decision until the circuit court's ruling.”
Kouzoukas v. Ret. Bd. of the Policemen's Annuity & Benefit Fund, 917 N.E.2d 999 (Ill. 2009). “She also sought an award of prejudgment interest pursuant to section 2 of the Interest Act (815 ILCS 205/2 (West 2006)). On November 1, 2006, the circuit court entered an order reversing the Board’s denial of Kouzoukas’ claim for duty disability benefits and, on November 15,…”
Medcom Holding Co., Cross-Appellee v. Baxter Travenol Labs., Inc., & Medtrain, Inc., 200 F.3d 518 (7th Cir. 2000). “We begin with the dispute about interest. Although the suit began under the federal securities laws, mhc ultimately recovered under Illinois law, which also supplies rules for the meaning and enforcement of the indemnity agreement.”
Adams v. Am. Int'l Grp., Inc., 791 N.E.2d 26 (Ill. App. Ct. 2003). “Plaintiff raises the following issues on appeal: (1) whether the complaint states a cause of action for prejudgment interest, specifically, whether the release executed by plaintiff is an “instrument of writing” within the meaning of section 2 of the Illinois Interest Act (the…”
Thompson v. Buncik, 2011 IL App (2d) 100589 (Ill. App. Ct. 2011). “He further argues that the trial court erred when it failed to include prejudgment interest, computed at 5% per annum, in the judgment amount, pursuant to section 2 of the Interest Act (815 ILCS 205/2 (West 2004)). We affirm. ¶2 I.”
Sheth v. SAB Tool Supply Co., 2013 IL App (1st) 110156 (Ill. App. Ct. 2013). “) 815 ILCS 205/2 (West 2010). The Northern District of Illinois has interpreted this 122-year-old statute to include money paid as a result of fraud (see Marcus & Millichap Real Estate Investment Services Inc.”
Bank of Chicago v. Park Nat'l Bank, 660 N.E.2d 19 (Ill. App. Ct. 1995). “On August 5, 1994, Park filed a petition for further relief pursuant to section 2 — 701(c) of the Code of Civil Procedure (Code) (735 ILCS 5/2 — 701(c) (West 1992) (section 2 — 701(c))), seeking entry of an order directing Bank of Chicago to pay interest pursuant to section 2 of…”
Flynn v. Maschmeyer, 2020 IL App (1st) 190784 (Ill. App. Ct. 2020). “’ ” (quoting 815 ILCS 205/2 (West 2012)). The court calculated this amount to be $236,350.”
Calabrese v. Chicago Park Dist., 691 N.E.2d 850 (Ill. App. Ct. 1998). “The Interest Act (815 ILCS 205/2 (West 1994)) provides for a prejudgment interest rate of 5%.”
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