How to get interest in Florida lawsuit judgments
What is an interest rate? What is the interest rate on a Florida judgment or decree? How much interest do you get on a Palm Beach probate judgment? What should your Florida probate lawyer know about interest rates and judgments?
Current Interest Rate on Florida Judgments
Quarterly, the Office of the Chief Financial Officer sets the rate of interest payable on Florida judgments and decrees. As required by F.S. §55.03(1) , the CFO sets these rates on December 1, March 1, June 1, and September 1 of each year.
According to the Current Judgment Interest Rates chart, which is posted on the website of Florida’s CFO, the interest rate for Florida final judgments since October 2019 has been 6.89% per annum. Beginning January 1, 2019, the interest rate for Florida judgments will be 6.83% per annum.
West Palm Beach Probate Judgments
After a probate or inheritance battle, a judgment may be issued. If you are trying to collect a judgment of a million dollars, the interest that may be attached can be significant.
The interest on a judgment is usually way larger than that on a bank account. Therefore, learning the rules on interest payments in a West Palm Beach or Miami probate matter may prove valuable.
Ask your Florida probate lawyer how much interest you could get on your West Palm Beach probate judgment. Vice versa, you should ask your West Palm Beach trust litigator how much interest you may have to pay if a judgment against you is filed.
R.J. Reynolds Tobacco Company v. Townsend
R.J. Reynolds Tobacco Company v. Townsend is an April 9, 2015 First DCA opinion. Although this opinion does not involve a probate judgment, it is a good example of Florida litigation over the interest rate on a judgment.
Here, R.J. Reynolds Tobacco Company appealed an order denying the tobacco company’s motion to determine interest rate payable on a $25,508,000 judgment. An interest payment on such a large judgment could be substantial. Therefore, it makes sense as to why the tobacco company pursued this appeal. You should consider reading this Florida appeal in its entirety to learn more about interest rates on a Florida judgment.
If you are involved in a civil lawsuit in Florida, you may want to learn more about interest rates on judgments. An experienced attorney can help you to determine what interest payments you could potentially receive or owe.
To interview a probate or appellate lawyer, free of charge, call (561)514-0900 ext.101.