Is pre-judgment interest not a statutory interest?
Alberta, Canada
The following excerpt is from Calgary (City) v. Costello, 1997 ABCA 281 (CanLII):
Of course, that is not to say that non-statutory, pre-judgment interest was entirely foreign to the common law. Exceptions have always existed. Most obviously, interest has long been granted when provided for by agreement of the parties or when implied by usage of trade: Page v. Newman (1829), 9 B. & C. 378, 109 E.R. 140. In the present case, the trial judge purported to award compound interest on the basis of three other exceptions. I find mat none are properly applicable.
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