MACDC is closely monitoring this bill as the Clerks do award interest in default judgment matters. Our biggest concern is the availability/access to current and past prime rate percentages. We also need to ensure that the language in the bill is clear enough to know that once interest is calculated on the date that the judgment is entered, it is to remain at that rate for the duration of the judgment.
A banker friend said the website they use to determine Prime Rate and which he would suggest is wsjprimerate.us This site not only provides the current Prime Rate but also provides a link to the history of prime rate from 1947 to present. So the history is available and we would be able to refer to any date in time and determine what the prime rate was on that date.
Our preference is to have the interest amount clearly defined in statute but we will not oppose the bill as long as our concerns above are addressed.
MACDC is closely monitoring this bill as the Clerks do award interest in default judgment matters. Our biggest concern is the availability/access to current and past prime rate percentages. We also need to ensure that the language in the bill is clear enough to know that once interest is calculated on the date that the judgment is entered, it is to remain at that rate for the duration of the judgment.
ReplyDeleteA banker friend said the website they use to determine Prime Rate and which he would suggest is wsjprimerate.us This site not only provides the current Prime Rate but also provides a link to the history of prime rate from 1947 to present. So the history is available and we would be able to refer to any date in time and determine what the prime rate was on that date.
Our preference is to have the interest amount clearly defined in statute but we will not oppose the bill as long as our concerns above are addressed.