§478-2 Legal rate; computation. When there is no express written contract fixing a different rate of interest, interest shall be allowed at the rate of ten per cent a year, except that, with respect to obligations of the State, interest shall be allowed at the prime rate for each calendar quarter but in no event shall exceed ten per cent a year, as follows:
As used in this section, "prime rate" means the prime rate as posted in the Wall Street Journal on the first business day of the month preceding the calendar quarter. [CC 1859, §1480; am L 1868, p 9; am L 1898, c 4, §1; am L 1905, c 51, §1; RL 1925, §3585; RL 1935, §7050; am L 1935, c 19, §1; RL 1945, §8731; am L 1955, c 245, §1; RL 1955, §191-1; HRS §478-1; am L 1982, c 288, §1; ren L 1986, c 137, pt of §1; am L 1993, c 179, §1]