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Text: HF00279                           Text: HF00281
Text: HF00200 - HF00299                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 280

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 535.3, Code 1995, is amended to read as
  1  2 follows:
  1  3    535.3  INTEREST ON JUDGMENTS AND DECREES.
  1  4    1.  Interest shall be allowed on all money due on judgments
  1  5 and decrees of courts at the rate of ten percent per year
  1  6 equal to the coupon issue yield equivalent, as determined by
  1  7 the United States secretary of the treasury, of the average
  1  8 accepted auction price for the last auction of fifty-two week
  1  9 United States treasury bills settled immediately prior to the
  1 10 date of the judgment, unless a different rate is fixed by the
  1 11 contract on which the judgment or decree is rendered, in which
  1 12 case the judgment or decree shall draw interest at the rate
  1 13 expressed in the contract, not exceeding the maximum
  1 14 applicable rate permitted by the provisions of section 535.2,
  1 15 which rate must be expressed in the judgment or decree.  The
  1 16 interest shall accrue from the date of the commencement of the
  1 17 action judgment entry or decree.
  1 18    This section does not apply to the award of interest for
  1 19 judgments and decrees subject to section 668.13.
  1 20    2.  The state court administrator shall distribute notice
  1 21 monthly of the rate established in subsection 1 and any
  1 22 changes to that rate to all district courts.  
  1 23                           EXPLANATION
  1 24    This bill provides that the rate of interest on court
  1 25 judgments or decrees, currently fixed at 10 percent, shall be
  1 26 a floating amount based on the coupon issue yield equivalent
  1 27 of the average accepted auction price for the 52 week United
  1 28 States treasury bills.  The state court administrator is
  1 29 responsible for providing this information to the district
  1 30 courts.  The bill also provides that interest accrues from the
  1 31 date of the judgment or decree instead of from the date of
  1 32 commencement of the action.  
  1 33 LSB 1893HH 76
  1 34 mk/jj/8
     
Text: HF00279                           Text: HF00281
Text: HF00200 - HF00299                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
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