Legal Interest on Commercial Debts as Governed by Iraqi Law

Legal Interest on Commercial Debts as Governed by Iraqi Law L E G A L I N T E R E S T O N C O M M E R C I A L D E B T S A S G O V E R N E D B Y I R A Q I L A W * L E G A L G R O U N D S F O R C L A I M S F O R I N T E R E S T U N D E R I R A Q I L A W Iraqi Civil Code As per Article 171 of the Iraqi Civil Code No. 40 of 1951 (CC), a debtor, who delayed payment, has to pay interest of four per cent, if the debt is a civil matter, and five per cent in respect of commercial debts. The interest may be claimed from the date of filing a judicial claim in respect thereof, if an agreement or commercial usage does not specify another date of commencement, except in cases where the law has provided otherwise. In 1973 a judgment confirmed the right of a creditor to file a judicial claim for legal interest Arab Law Quarterly Brill

Legal Interest on Commercial Debts as Governed by Iraqi Law

Arab Law Quarterly , Volume 18 (2): 205 – Jan 1, 2003

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© 2003 Koninklijke Brill NV, Leiden, The Netherlands
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