Contractual vs. Statutory Interest Accrual Post-Judgment
Synthèse Legislator
Généré par l'IAThe appellant challenged the calculation of interest awarded on a contract judgment, arguing that the trial court erred by using a statutory post-judgment interest rate instead of the contractually agreed-upon rate for the period between the original judgment and the appellate mandate's issuance. The court reasoned that the contractual interest rate governs only until judgment is entered, and upon judgment, the right to contractual interest merges into the judgment, making the statutory post-judgment interest rate applicable thereafter, unless the contract explicitly provided for its specified interest rate to survive the entry of judgment and apply post-judgment, which was not the case here.
Regeste Legislator
Généré par l'IAContractual vs. Statutory Interest Accrual Post-Judgment: The court reasoned that the contractual interest rate governs only until judgment is entered, and upon judgment, the right to contractual interest merges into the judgment, making the statutory post-judgment interest rate applicable thereafter, unless the contract explicitly provided for its specified interest rate to survive the entry of judgment and apply post-judgment, which was not the case here.
Mots-clés
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