Kuwait Court of Cassation principle number 538

Statutory interest accrues on the balance debt from the date of closure of the current account unless the parties agree otherwise. Art. 401 of the Commercial Code. - The challenged judgment, affirming the first-instance judgment, concluding that statutory interest accrues at 7% annually from the date of closure of the account because the agreement contains no interest rate payable on the balance debt of the loan account after its closure. Correct.