House File 378 - Introduced



                                       HOUSE FILE       
                                       BY  ANDERSON and FORRISTALL


    Passed House,  Date               Passed Senate, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to recovery of prejudgment interest in relation
  2    to an offer to confess judgment.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2343HH 82
  5 rh/cf/24

PAG LIN



  1  1    Section 1.  NEW SECTION.  677.10A  PREJUDGMENT INTEREST.
  1  2    If any offer to confess judgment is made under this chapter
  1  3 and is not accepted, and a subsequent trial results in a
  1  4 judgment which is less than the offer to confess judgment,
  1  5 prejudgment interest shall not be calculated or be subject to
  1  6 recovery after the date of the offer to confess judgment.
  1  7                           EXPLANATION
  1  8    This bill limits recovery of prejudgment interest in any
  1  9 pending or proposed action where an offer to confess judgment
  1 10 is made, but is not accepted, and a subsequent trial results
  1 11 in a judgment that is less than the amount in the offer to
  1 12 confess judgment.  In such a case, no prejudgment interest is
  1 13 to be calculated or is recoverable after the date of the offer
  1 14 to confess judgment.
  1 15 LSB 2343HH 82
  1 16 rh:rj/cf/24