Lewis v. Stran-Steel Corp.

Miss JUSTICE McGILLICUDDY

delivered the opinion of the court:

This appeal presents the single issue of whether section 3 of “An Act in relation to the rate of interest * # (hereinafter referred to as the Interest Act) in effect in 1967 (Ill. Rev. Stat. 1967, ch. 74, par. 3), and as amended effective August 29, 1969 (Ill. Rev. Stat. 1975, ch. 74, par. 3), requires or permits the computation of interest on interest with respect to judgments awarded by the Circuit Court of Cook County (compounded interest), or whether such interest must be computed annually on the principle sum of the judgment…