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1 Sheila Henderson v. Camden County Municipal Utility Authority -- rank: 1000

... assessment of compound interest was unlawful and in violation of N.J.S.A. 40:14B-41 to allow CCMUA to charge compound interest and entered summary ... from the common-law presumption against compound interest suggests that N.J.S.A. 40:14B-41 authorizes only simple interest. (pp. 5-6) 4. The statute ... to parallel the increase in the annual rate ceiling of N.J.S.A. 40:14B-41 permits utilities authorities to charge only simple interest and it ... charge compound interest on delinquent customer accounts. We conclude that N.J.S.A. 40:14B-41 authorizes only simple interest. Because this appeal presents a matter ... that CCMUA’s assessment of compound interest was unlawful because N.J.S.A. 40:14B-41 authorized only simple interest. Henderson sought a judgment declaring null ... monetary damages, costs, and attorneys’ fees. The trial court construed N.J.S.A. 40:14B-41 to allow CCMUA to charge compound interest and entered ...

docket:	a-19-02
court:	njsupreme
decided:	2003-07-08
status:
citation:	176 N.J. 554
Document Size:	44659