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Simple English definitions for legal terms
interesse
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A quick definition of interesse:
Term: INTERESSE
Definition: Interest is a word that means two things. First, it can mean money that you earn when you lend someone money or put your money in a bank. Second, it can mean that you have a right to own or use something, like a house or a car.
A more thorough explanation:
Interesse
Interesse (in-tər-es-ee) is a Latin term that refers to:
- Monetary interest: This is the amount of money that is charged by a lender for borrowing money. For example, if you borrow $100 from a bank and the interest rate is 5%, you will have to pay back $105.
- A legal interest in property: This is a legal right or claim that a person has over a property. For example, if you buy a house, you have a legal interest in that property and can sell it, rent it out, or use it as collateral for a loan.
- John borrowed $500 from a friend and promised to pay back $550 in a month. The $50 is the interest charged by his friend for lending him the money.
- Mary inherited a piece of land from her grandfather. She has a legal interest in the property and can sell it or rent it out to earn money.
The examples illustrate the two meanings of interesse. In the first example, John has to pay back more than he borrowed because of the interest charged by his friend. In the second example, Mary has a legal right over the land she inherited and can use it to make money.