Sequoia Presidential Yacht Group LLC v. FE Partners, LLC, C.A. No. 8270-VCG (Del. Ch. June 12, 2014).
Issue Addressed: This letter ruling provides a useful review of the Delaware Usury Statute relating to the maximum interest rate permitted by law to be charged by a lender, as well as the maximum rate that may be charged by an unlicensed lender. This Delaware Court of Chancery ruling also examines whether post-judgment interest rates are controlled by the statutory rate when it is different than the contractual rate of interest agreed to by the parties. The court concludes in this decision that the contract between the parties in which they lawfully agreed to a post-judgment interest rate will control, as opposed to the statutory rate of post-judgment interest.
Prior Chancery decisions in this case were highlighted on these pages.