What is Legal Interest?

Legal Definition
Something a law recognizes, as in an advantage, profit, right, or share. A legal title is an example.
Legal Definition
That rate of inters est prescribed by the laws of the particular state or country as the highest which may be lawfully contracted for or exacted, and which must be paid in all cases where the law allows interest without the assent of the debtor. Towslee v. Durkee, l2 Wis. 485; American, etc., Ass'n v. Harn (Tex. Civ. App.) 62 S. W. 75; Beals v. Amador County, 35 Cal. 633.
-- Black's Law Dictionary
Legal Definition
The statutory rate of interest which attaches to an interest-bearing obligation when the parties have not specified the rate; the statutory rate which a judgment bears. See 109 Cal. 378, 50 Am. St. Rep. 49, 42 Pac. 34.
-- Ballentine's Law Dictionary