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Introduced Version Senate Bill 546 History

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Senate Bill No. 546

(By Senators McCabe, Jenkins, Foster, Oliverio and Yoder)

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[Introduced March 15, 2005; referred to the Committee

on the Judiciary.]

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A BILL to amend and reenact §56-6-31 of the Code of West Virginia, 1931, as amended, relating to equalizing the interest rates allowed for prejudgment and post-judgment interest.

Be it enacted by the Legislature of West Virginia:
That §56-6-31 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 6. TRIAL.
§56-6-31. Interest on judgment or decree.
(a) Except where it is otherwise provided by law, every judgment or decree for the payment of money entered by any court of this state shall bear interest from the date thereof, whether it be so stated in the judgment or decree or not: Provided, That if the judgment or decree, or any part thereof, is for special damages, as defined below, or for liquidated damages, the amount of such the special or liquidated damages shall bear interest from the date the right to bring the same shall have accrued, as determined by the court. Special damages includes lost wages and income, medical expenses, damages to tangible personal property, and similar out-of-pocket expenditures, as determined by the court. The rate of interest shall be ten is six dollars upon one hundred dollars per annum, and proportionately for a greater or lesser sum, or for a longer or shorter time, notwithstanding any other provisions of law.
(b) The amended interest rate set forth in subsection (a) of this section applies to every judgment, decree and claim, including those now pending, from and after the effective date of this amendment.



NOTE: The purpose of this bill is to equalize the interest rate at six percent for both prejudgment interest and post-judgment interest as set forth in §47-6-5a.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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