State Supreme Court sets interest rate for judgments - WOWK 13 Charleston, Huntington WV News, Weather, Sports

State Supreme Court sets interest rate for judgments

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The West Virginia Supreme Court's administrative office has set a 7 percent interest rate for judgments and decrees entered this calendar year, the court announced Jan. 3.

According to the court's news release, the Legislature passed a law in 2006 requiring the administrative office to annually determine interest rates paid on judgments and decrees, including pre-judgment interest.

Pre-judgment interest must be three percentage points above the Fifth Federal Reserve District secondary discount rate, the news release explained.

The law also says the rate cannot exceed 11 percent per year or be less than 7 percent per year.

The main bank for the Fifth Federal Reserve District is the Fifth Federal Reserve Bank in Richmond, Va. Its secondary discount rate as of Jan. 2 was 1.25 percent, the news release states.

When combined with the statutorily mandated increase of three percentage points, this would create an interest rate for 2013 that would be less than the statutorily mandated 7 percent minimum, with the result that the rate of interest for West Virginia decrees and judgments for the payment of money entered on or after Jan. 1 is the minimum.