Summary
In Perez-Sandoval v. Banco de Commercio, S.A. C.A., 582 So.2d 179 (3rd D.C.A. 1991), the Court of Appeals held that the accrual of interest on interest is illogical and affirmed several judgments denying interest on interest.
Summary of this case from In re TorciseOpinion
No. 91-1010.
July 23, 1991.
An Appeal from a non-final order of the Circuit Court for Dade County; Leonard Rivkind, Judge.
Taylor, Brion, Buker Greene and Arnaldo Velez, Miami, for appellants.
Greenberg, Traurig, Hoffman, Lipoff, Rosen Quentel and Hilarie Bass and Raquel A. Rodriguez, Miami, for appellees.
Before SCHWARTZ, C.J., and FERGUSON and JORGENSON, JJ.
As a matter of logic, and therefore of law, it is irrefutable that an award of prejudgment interest cannot itself bear interest. LaFaye v. Presser, 554 So.2d 610 (Fla. 1st DCA 1989); West v. Sunbelt Enters., 530 So.2d 433 (Fla. 1st DCA 1988); United Servs. Auto. Ass'n v. Smith, 527 So.2d 281 (Fla. 1st DCA 1988); Coggan v. Coggan, 183 So.2d 839 (Fla. 2nd DCA 1966), cert. denied, 188 So.2d 820 (Fla. 1966). Accordingly, that portion of the order under review which makes such an allowance is reversed.