Practice question
What legal-interest rate took effect on July 1, 2013 under the framework applied in Nacar?
- Six percent per annum
- Twelve percent per annum for every new period
- Six percent per month
- Twenty-four percent in every case
- Zero for all defaulted debts
Legal references
- Civil Code Articles 1169, 1956, 1959, 2209 and 2212: https://lawphil.net/statutes/repacts/ra1949/ra_386_1949.html
- Nacar v. Gallery Frames, GR 189871, August 13, 2013, main decision: https://lawphil.net/judjuris/juri2013/aug2013/gr_189871_2013.html
- Lara's Gifts & Decors v. Midtown Industrial Sales, GR 225433, September 20, 2022, main resolution: https://lawphil.net/judjuris/juri2022/sep2022/gr_225433_2022.html
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