Summary
Caribbean Developments (Antigua) Ltd. (CDAL) has been adding 2% monthly interest charges (equivalent to 24% annually) to freeholders' accounts with outstanding balances. Our legal analysis reveals these charges are legally unenforceable because they:
- Violate Land Transfer covenant principles requiring charges to directly benefit properties
- Lack proper contractual foundation with no clear incorporation into original agreements
- Constitute an excessive and unconscionable penalty under Antiguan law
- Contradict established case law, including the Coleman ruling and 2008 Consent Order
- May violate Antigua and Barbuda's consumer protection regulations
This article provides a comprehensive analysis of the legal issues with CDAL's interest policy and offers practical guidance for freeholders receiving these charges.
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