Prejudgment interest, i.e., interest as an element of, or in the nature of, damages, as permitted by the statutory and common laws of the state as of April 1, 1979, may be awarded by courts or juries in accordance with the principles of equity at any rate not in excess of a maximum effective rate of ten percent (10%) per annum; provided, that with respect to contracts subject to § 47-14-103, the maximum effective rates of prejudgment interest so awarded shall be the same as set by that section for the particular category of transaction involved. In addition, contracts may expressly provide for the imposition of the same or a different rate of interest to be paid after breach or default within the limits set by § 47-14-103.
Structure 2021 Tennessee Code
Title 47 - Commercial Instruments and Transactions
Chapter 14 - Interest Rates Generally
§ 47-14-101. Judgments Rendered in Dollars and Cents
§ 47-14-103. Maximum Effective Rates Generally
§ 47-14-106. Contracts for Applicable Formula Rates of Interest
§ 47-14-108. Prepayment of Loans — Contracts Restricting Prepayment of Loans
§ 47-14-111. Actions to Recover Usury
§ 47-14-112. Usury a Misdemeanor — Penalty
§ 47-14-114. Actions to Recover Excess Loan Charges, Commitment Fees, or Brokerage Commissions
§ 47-14-116. Usury or Excessive Charges — Reliance on Statute, Rule, or Order
§ 47-14-122. Interest on Judgments — Computation
§ 47-14-123. Prejudgment Interest