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Civil litigation

interest rates on judgments

Interest rates are compensation for the time-value of money, and are calculated on judgments (the amount of money one party to a lawsuit is ordered to pay another party) based on the applicable state or federal statutes. There are often different interest rates set by law for prejudgment interest (the interest on the amount owed before the judgment) and post-judgment interest (the interest on the amount owed after the judgment). The calculation of prejudgment and post-judgment interest rates vary from state to state (and in federal court), and require a careful analysis of the statutes.

In West Virginia (WV), interest rates on judgments are governed by state law. Prejudgment interest refers to the interest that accrues from the time the money is owed until a judgment is entered, while post-judgment interest accrues from the time the judgment is entered until the amount is paid. The rate of prejudgment interest in WV is generally subject to the discretion of the court and may be awarded based on equitable principles. For post-judgment interest, West Virginia Code § 56-6-31 specifies the rate, which is typically set at 5 percentage points above the Federal Reserve discount rate, with a minimum rate of 7% per annum, unless the judgment is based on a written contract specifying a different rate. It is important to consult the current statutes or an attorney to determine the exact rate at the time of the judgment, as rates can be subject to change.

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Civil litigation

interest rates on judgments

Individual & Family Legal Plan

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West-Virginia State Code

West-Virginia State Code

Civil litigation

interest rates on judgments

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