Interest Legal Meaning and Definition

Here is a simplified definition of the legal term Interest.

Interest (noun)

1. The legal right or claim that a person has in a property or asset. This could apply to an individual's personal property or property owned by others.

2. The fee charged by a lender to a borrower for the use of borrowed money, usually expressed as a yearly percentage of the total loan amount.

This term can apply to both physical properties and financial situations.