(Outer House) The parties had settled a claim for the loss by fire of an oil rig supply vessel. The parties now disputed whether the settlement carries interest under the Act. The parties’ insurers were concerned that the interest rate awarded under the staute at 8% was too high.
Judges:
Lord Hodge
Citations:
[2011] ScotCS CSOH – 153
Links:
Statutes:
Citing:
Cited – Carmichael v Caledonian Railway Co HL 1870
Interest can be demanded only in virtue of a contract express or implied ‘or by virtue of the principal sum of money having been wrongfully withheld, and not paid on the day when it ought to have been paid.’ Interest was due when money was . .
Cited – Kolbin and Sons v Kinnear and Co Ltd HL 6-Jul-1931
Claim for wrongful delivery of goods. . .
Cited – Macrae v Reed and Mallik Ltd SCS 1961
(Second Division)
Held: Interest from a date earlier than the date of decree could be allowed on damages awarded for loss suffered before that date only where such loss could be definitely ascertained. Interest on solatium (being ascertainable . .
Cited – Boots The Chemist Ltd v G A Estates Ltd 1992
It is the general practice of the Court of Session to award interest due under the 1958 Act at the rate of 8%. . .
Cited by:
See Also – Farstad Supply As v Enviroco Ltd SCS 20-Feb-2013
The pursuers sought damages arising from a fire on their oil rig. The principal damages had been agreed, but the parties disputed the calculation of interest, the defenders saying that interest was due only on elements quantifiable before the date . .
Lists of cited by and citing cases may be incomplete.
Scotland, Damages
Updated: 19 September 2022; Ref: scu.444240