1(b) is the authority for calculating interest when an Order for Judgment directs the inclusion of “preverdict/preaward/prereport/ (prejudgment) interest in the original judgment. §334.01.ī) Calculated as simple interest per annum and becomes part of the original judgment amount.Ģ) PREVERDICT/PREAWARD/PREREPORT INTEREST.
Interest Rate = Rate set in contract, agreement, court order OR if there is no such information, the interest rate as established in Minn. If no specific interest rate is noted in the order or no specific interest rate is found in an attached exhibit, e.g., a contract or agreement, then, the current rate established in this statute may serve as a fall-back percentage.Ī) Start Date for Interest Calculations = Date of default on the contractĮnd Date for Interest Calculations = Date the order for default judgment is signed OR the date of physical entry of judgment if an administrative default judgment (MNCIS will automatically calculate interest for the date of entry as post judgment interest). The need to use this statute for an interest rate may arise when the Court Administrator is presented with an order for judgment which directs that “interest” be calculated and included in the original judgment amount. The four basic interest types are designated as follows:Ģ) PREVERDICT/PREAWARD/PREREPORT INTERESTġ) INTEREST ON A DEBT is a rate established in the complaint or (if no specific rate is given in the complaint), 6% pursuant to Minn. By distinguishing these judgments, the courts will be prepared to accommodate any future changes to interest. Where applicable, the child support interest type should still be used. Note that the provision for a 2% higher interest rate on child support judgments that was in place for several years, was removed from M.S. In addition to the statutes and rates discussed below, Minnesota law also provides a variety of interest rates for special applications, e.g., recovery of taxes, arbitration awards (See Interest Rates on State Court Judgments and Arbitration Awards as issued annually by the State Court Administrator’s Office on CourtNet at ). There are four basic types of interest that a Court Administrator may encounter when working with Judgments. The court form states:Ī confusing aspect of working with judgment interest is that the labels used for some basic interest types listed below are at times used interchangeably. A great resource is a Minnesota Court form that court clerks use as a guide when computing interest calculations. An experienced Minneapolis, Minnesota attorney knows that calculating prejudgment and post judgment interest can be tricky.
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