Ala. Code § 8-8-1

Section 8-8-1 provides a six-percent annual rate for prejudgment interest when no other rate applies.

Berkshire Hathaway Homestate Insurance Company v. Adams · filed 2019-07-29

Berkshire is also entitled to $15,000 of prejudgment interest based on the statutory six-percent annual rate. Ala. Code §§ 8-8-1, 8-8-8; see Ballard v. Lee A. McWilliams Constr., Inc., 258 So. 3d 336, 338 (Ala. Civ. App. 2018); Hughes v. Hughes, 401 So. 2d 73, 76 (Ala. Civ. App. 1981).

Section 8-8-1 supplies a six-percent-per-year legal interest rate, which the court applied to prejudgment interest.

Alabama Treatment, LLC v. Waste Alliance, Inc(CONSENT) · filed 2020-06-17

The undersigned will award Plaintiff $25,172.57 in prejudgment interest pursuant to Ala. Code § 8-8-1. This amount reflects a six (6) percent interest rate applied per annum6 to the actual damages awarded Plaintiff ($131,782.50) from May 2017 through May 2020.

Section 8-8-1 sets the maximum statutory rate of prejudgment interest at 6% per annum.

Export Development Canada v. Shore Acres Plant Farm, Inc. · filed 2021-03-25

Section 8-8-1 further provides that the maximum statutory rate of prejudgment interest is 6% per annum. Because prejudgment interest is not addressed or displaced by any particular provision of the UCC, it appears EDC may be entitled to prejudgment interest. ... However, the interest rate to be applied is a maximum of 6% per annum, not 1.5% monthly.

Section 8-8-1 sets a 6% annual maximum interest rate absent a written agreement and an 8% annual maximum when the rate is agreed in writing, subject to other statutory provisions.

ASF Global, LLC v. Soft-Tex International, Inc. · filed 2022-12-15

However, Alabama courts courts have cited Ala. Code Section 8-8-1 as "establishing the legal rate of pre-judgment interest at 6% per annum where no written contract controls the interest rate." ... Specifically, Section 8-8-1 provides for the maximum rates of interest, explaining that the legal maximum interest rate, if agreed upon in writing is 8% per year, otherwise the maximum is 6% per year: "[e]xcept as otherwise provided by law, the maximum rate of interest upon the loan or forbearance of money, goods, or things in action, except by written contract is $6 upon $100 for one year, and the rate of interest by written contract is not to exceed $8 upon $100 for one year and at that rate for a greater or less sum or for a longer or shorter time." Ala. Code § 8-8-8-1.

Section 8-8-1 supplied Alabama's maximum six-percent post-judgment interest rate when the arbitration judgment was enforced.

Parsons & Whittemore Alabama Machinery & Services Corp. v. Yeargin Construction Co. · filed 1984-10-26

When the district court enforced the arbitrators’ award, the maximum rate of post-judgment interest permitted in Alabama was six percent. Ala.Code § 8-8-1 (1975).

Ala. Code § 8-8-1 supplies a 6% prejudgment interest rate in condemnation cases when no specific statute sets the rate.

King Fred Property Management LLC v. Birmingham, Alabama, City of · filed 2023-02-09

Absent a specific statute setting the prejudgment interest rate in condemnation cases, the Court will apply the 6% ... prejudgment interest rate set out in ALA. CODE § 8–8–1.

Section 8-8-1 sets the six percent interest rate awarded on the judgment.

AOD Federal Credit Union v. State Farm · filed 2005-11-23

Based upon the foregoing facts and authorities, we reverse that portion of the trial court's judgment in favor of State Farm and remand the cause for the entry of a judgment awarding AOD $11,055.28 plus interest at six percent (see § 8-8-1, Ala. Code 1975) accruing from August 4, 1999, the date on which AOD's account was debited.

Section 8-8-1 caps interest set by written contract at $8 per $100 per year (8%) for damages arising from breach of a written contract.

REDi Enterprise Development Inc. v. QRails, Inc. · filed 2026-03-13

Alabama law caps interest at 8% per year on damages for breach of a written contract.3 See Ala. Code § 8-8-1 (“[T]he rate of interest by written contract is not to exceed $8 upon $100 for one year and at that rate for a greater or less sum or for a longer or shorter time.”); Goolesby v. Koch Farms, LLC, 955 So. 2d 422, 429 (Ala. 2006). Thus, REDi is entitled to 8% per year in interest—not 18%.

Section 8-8-1 supplies statutory interest on the secured debt from the date of the fire until the insurer pays the secured debt into court.

Allstate Insurance v. James · filed 1986-01-14

Recovery against Allstate is limited to the amount of the debt at the time of the fire, plus interest pursuant to Code of Alabama § 8-8-1 (1975) from the date of the fire to the date Allstate paid into court the money representing the secured debt, plus interest which accrued while on deposit with the court.

Section 8-8-1 sets Alabama's legal interest rate for written contracts at 8%.

Sharer v. Creative Leasing, Inc. · filed 1993-01-15

The legal interest rate in Alabama on written contracts is 8%. §8-8-1, Ala. Code 1975.

Section 8-8-1 sets the maximum interest rate for an oral loan at six percent per year.

Patterson v. Green · filed 1985-07-03

It is clear from the above that, if the trial court believed the testimony of the plaintiff regarding the eight percent per year interest on the loan, the court was bound to follow § 8-8-1 and § 8-8-12(b), finding that no interest could be charged on the principal.

Section 8-8-1 sets a 6% interest rate, compounded annually, for the interest due on the funds.

Banks v. Bryant · filed 1990-03-02

We hold that the interest due and owing should be calculated using a 6% rate of interest, compounded annually from the date Bryant, Phelps, and May received the funds.

Section 8-8-1 provides a 6% interest rate, compounded annually, for calculating interest due.

Ex Parte Brown · filed 1990-05-04

We hold that the interest due and owing should be calculated using a 6% rate of interest, compounded annually from the date Bryant, Phelps, and May received the funds.

Section 8-8-1 sets a maximum interest rate of 6% when no written contract controls, while allowing a higher contractual rate.

Bressler v. Dudley · filed 1996-10-11

Additionally, we would note that although a person may contract for a higher rate of interest, a maximum rate of 6% will govern in cases where no written contract controls. See Ala.Code 1975, § 8-8-1.

Section 8-8-1 sets a maximum interest rate of $6 per $100 for one year on a loan or forbearance of money, goods, or things in action, unless otherwise provided by law or a written contract.

Jernigan v. Happoldt · filed 2007-02-16

The judgment is reversed and the cause is remanded for the trial court to calculate prejudgment interest on the damages amount ($37,-488.31) from the date of the Happoldts' loan closing in July 2002, at the statutory interest rate of 6% per annum.See Ala. Code 1975, § 8-8-1 ("[e]xcept as otherwise provided by law, the maximum rate of interest upon the loan or forbearance of money, goods, or things in action, except by written contract is $6 upon $100 for one year"), andBurgess Mining Constr. Corp. v. Lees,440 So.2d 321, 338 (Ala. 1983).

Section 8-8-1 sets the maximum interest rate for loans or forbearance of money, goods, or things in action unless a written contract applies.

Wehle v. Bradley · filed 2017-12-22

Section § 8-8-1, Ala. Code 1975, is likewise inapposite because it establishes "the maximum rate of interest upon the loan or forbearance of money, goods, or things in action except by written contract."

Section 8-8-1 provides a 6% annual prejudgment interest rate when no written contract controls the rate.

Mega Life and Health Ins. Co. v. Pieniozek · filed 2009-10-19

Mega also argues on appeal that the district court erred in determining that the pre-judgment interest owed on the judgment entered by the district court should be awarded at a rate of 6% under Ala. Code §§ 8-8-1 and 8-8-8. ... Based on the Alabama Code, the Supreme Court of Alabama has held that when “no written contract controls the interest rate . . . the legal rate of pre-judgment interest is 6 percent per annum.” Rhoden v. Miller, 495 So. 2d 54, 58 (Ala. 1986). ... As a consequence, the district court concluded that the policy language regarding the applicable interest was ambiguous, construed the language in favor of the insured, and concluded that the policy language provided for the higher interest rate —6%—available under Alabama law. ... For the reasons discussed above in section III(C) regarding ambiguous contract language, the Court finds no error in the district court’s determination of the applicable interest rate.