Topical issues concerning usurious interest
This note concerns a number of controversial, topical issues regarding interest termed as ‘usurious’, referred to in Italian Law 108/1996 and in article 644 of the Italian Criminal Code, and in particular those pertaining to default interest, to the so-called ‘supervening usury’ and to the ‘floor’ interest rate.
On this matter, the judgment of the Civil Supreme Court, Division I, no. 350 of 9 January 2013, recently ruled that ‘in order to ascertain whether or not the interest rates provided in a mortgage contract are usurious, the conventionally established default interest must also be included in the calculation’.
This judgment confirmed an approach that has been previously asserted in case law (see, for example, Civil Supreme Court, Division I, no. 5286/2000 or Civil Supreme Court, Division II, no. 5324/2003)…
Click on the link below to read the rest of the NCTM briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from NCTM
News from The Lawyer
Briefings from NCTM
Shipping and Transport Bulletin — dredging in Italian ports; cross-border shipments of waste; and more
NCTM has released the December 2014–January 2015 edition of its Shipping and Transport Bulletin.
Article 7 applies to geographical indications identifying products falling within one of the product classes listed in Annex III.
Analysis from The Lawyer
Being sent to London on secondment is a prized opportunity for associates in European firms