Friday 29 March 2013

May you live in interesting times

It turns out that the "ancient" "Chinese" curse my be neither. Though quoted by Robert Kennedy in a speech he gave in 1966, no original, Chinese language version has been found. But beyond doubt, Scottish lawyers live in a time when there is interest in interest. The wheels of justice grind slow. Today, all commercial litigators know that a creditor who raises proceedings is entitled, as of right, to seek interest on the sum sued for, to reflect that fact, amongst others: "together with interest on that sum at the rate of 8 per cent a year from the date of citation to follow hereon until payment" is a phrase that most will have in any style initial writ (though some of us will be old enough to remember changing that "8" from the earlier "15"). What is less well-known is that this right is a relatively new one.