2006 Regular Session
To: Judiciary, Division A
By: Senator(s) Nunnelee
AN ACT TO AMEND SECTION 75-17-7, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT JUDGMENTS OR DECREES FOUNDED IN AN OBLIGATION OF SUPPORT SHALL BEAR INTEREST AT THE RATE OF 8% OR THE LEGAL RATE OF INTEREST, WHICHEVER IS THE GREATER, UNLESS THE UNDERLYING ORDER PROVIDES OTHERWISE; TO PROVIDE THAT ALL OTHER JUDGMENTS OR DECREES SHALL BEAR THE LEGAL RATE OF INTEREST, UNLESS THE UNDERLYING ORDER PROVIDES OTHERWISE; TO PROVIDE THE MANNER IN WHICH THE LEGAL RATE OF INTEREST SHALL BE DETERMINED; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 75-17-7, Mississippi Code of 1972, is amended as follows:
75-17-7. (1) All judgments or decrees founded on any sale or contract shall bear interest at the same rate as the contract evidencing the debt on which the judgment or decree was rendered.
(2) All judgments or decrees founded on an obligation of support, including, but not limited to, child support, medical support, spousal support, alimony and attorney's fees, shall bear interest at a rate of eight percent (8%) per annum or the legal rate of interest in effect at the time of the entry of the judgment, whichever is the greater, unless the underlying order provides otherwise. The court may allow interest from a date determined by the court to be fair but in no event prior to the filing of the complaint.
(3) On all other judgments and decrees, the court may allow interest from a date determined by the court to be fair but in no event prior to the filing of the complaint. The interest rates applicable to all other judgments or decrees shall be * * * the legal rate of interest in effect at the time of the entry of the judgment.
(4) The legal rate of interest shall be determined by the Mississippi Supreme Court quarterly based upon an examination of market factors, as determined by the court. The court shall publish the legal rate of interest as determined under this subsection by the Internet or other appropriate means, as determined by the court.
SECTION 2. This act shall take effect and be in force from and after July 1, 2006.