58Interest to be allowed when debts or sums certain recovered

58 Interest to be allowed when debts or sums certain recovered (1) If in a proceeding a debt or sum certain is recovered, the Court must on application, unless good cause is shown to the contrary, allow interest to the creditor on the debt or sum at a rate not exceeding the rate for the time being fixed under section 2 of the **Penalty Interest Rates Act 1983** or, in respect of any bill of exchange or promissory note, at 2% per annum more than that rate from the time when the debt or sum was payable (if payable by virtue of some written instrument and at a date or time certain) or, if payable otherwise, then from the time when demand of payment was made. (2) Subsection (1) does not authorise the computation of interest on any bill of exchange or promissory note at a higher rate than the rate for the time being fixed under section 2 of the **Penalty Interest Rates Act 1983** if there has been no defence pleaded. (3) A debt or sum payable or a date or time is to be taken to be certain if it has become certain. No. 6387 s. 79.