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innyc · Oct 11, 2011, 10:07 AM

I have been awarded a money judgement in the state of New York in the amount of 30K payable 300 monthly until satisfaction. Question: Is the 9% interest allowed applicable to outstanding balance until settled or just as a one time addition at the time of filing. Approx 250 versus 25,000 dollars amortized annually over the life of the repayment?

AK lawyer · Oct 11, 2011, 10:46 AM

Originally Posted by innyc

... Is the 9% interest allowed applicable to outstanding balance until settled or just as a one time addition at the time of filing. ...

Until paid. That would be post-judgment interest. The judgment may include pre-judgment interest (what you describe as "one time addition at the time of filing") as well; I don't know if it does.

But post-judgment interest is on the outstanding balance, until paid.

"in New York state, rate of post-judgment interest is set by the civil procedural law titled the Civil Practice Law and Rules (the "CPLR"). CPLR § 5004 fixes the post-judgment rate of interest at 9% per year and CPLR § 5003 states that interest shall run from the date of entry of the judgment. ...the interest is calculated as simple interest and not compounded. ... " How is post-judgment interest on a civil judgment calculated? - Avvo.com

innyc · Oct 11, 2011, 11:12 AM

What if the court clerk and subsequently do not acknowlege that? How is that info usual conveyed to the defendant?

AK lawyer · Oct 11, 2011, 11:50 AM

Originally Posted by innyc

What if the court clerk and subsequently do not acknowlege that? How is that info usual conveyed to the defendant?

I am not sure exactly what you are asking. When the judgment is entered, a copy is usually mailed to the defendant, if his address is on file with the court.

Are you saying that the way the interest is to be figured may not be obvious to the defendant? If he or she has a different way of interpreting it, the defendant can of course file a motion that the judgment be clarified.

If you collect the judgment using a court writ, such as a writ of execution, the clerk will figure the interest. If you think the clerk is doing it wrong, again, file a motion.

innyc · Oct 11, 2011, 01:10 PM

Thank you. I think the problem I am having is that the prejudgemnt interest is stated on the money judgement but there is no mention of post judgement interest. Just that a payment of 300 per month will be made until paid. My attorny's office seems confused by the whole thing. I will continue to work with them but may need to guide them down a path or educate them by second opinion if necessary.