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      Question

      The rate of interest payable under Section 80 when no

      rate is specified in the instrument is:
      A Six per cent per annum Correct Answer Incorrect Answer
      B Twelve per cent per annum Correct Answer Incorrect Answer
      C Fifteen per cent per annum Correct Answer Incorrect Answer
      D Eighteen per cent per annum Correct Answer Incorrect Answer
      E Twenty-four per cent per annum Correct Answer Incorrect Answer

      Solution

      Section 80 provides that when no rate of interest is specified in the instrument, interest on the amount due shall be calculated at the rate of eighteen per centum per annum, notwithstanding any agreement relating to interest between the parties. This rate (raised from six per cent by the 1988 amendment) runs from the date the amount ought to have been paid until tender, realization, or such date as the Court directs.

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