1) any and all, partial or total right to property or for the use of property, including
an easement to pass over a neighboring parcel of land, the right to drill for oil,
a possibility of acquiring title upon the happening of some event, or outright title.
While most often referring to real property, one may have an interest in a business,
a bank account or any article. 2) the financial amount (money) paid by someone else
for the use of a person's money, as on a loan or debt, on a savings account in a
bank, on a certificate of deposit, promissory note or the amount due on a judgment.
Interest is usually stated in writing at the time the money is loaned. There are
variable rates of interest, particularly on savings accounts which depend on funding
from the Federal Reserve or other banks and are controlled by the prevailing interest
rates on those funds. Maximum interest rates on loans made by individuals are controlled
by statute. To charge more than that rate is usury, the penalty for which may be
the inability of a creditor to collect through the courts. The interest rates demanded
by lending institutions are not so restricted. The maximum legal interest often
granted by the courts on judgments is set by the law of the state. Simple interest
is the annual rate charged for a loan, and compound interest includes interest upon
interest during the year. 3) one's involvement in business, activities or with an
individual which is sufficient to create doubt about a witness being objective-damaging
his/her credibility. 4) one's involvement in business, activities or with an individual
which is sufficient connection to give a person "standing" (the right based on interest
in the outcome of the lawsuit or petition) to bring a lawsuit on a particular matter
or act on behalf of other people.
See also compound interest easement future interest personal property real property
standing
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