The Eighth Collegiate Court on Civil Matters of the First Circuit recently published non-binding legal opinion number I.8º.C.28 C (10a), titled, “Interest in the event of rescission of a purchase and sale agreement. The buyer has the right to receive payment of interest without the prior need for making a formal judicial demand.” In this legal opinion, the Collegiate Court held that, unlike penalty interest, which results from an unjustified delay in performance of an obligation, the obligation to pay interest deriving from rescission of a purchase and sale agreement by the seller is computed as of the time the seller receives the price, without the need for making a formal judicial demand. The court recognized that the benefit of the price by the rescinding seller is the reason for the obligation to pay interest to the buyer.
