MISSISSIPPI LEGISLATURE
2012 Regular Session
To: Judiciary A
By: Representative Upshaw
AN ACT TO AMEND SECTION 75-17-7, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE RATE OF INTEREST ON JUDGMENTS OR DECREES SHALL BE EQUAL TO THE DISCOUNT RATE AT THE FEDERAL RESERVE BANK IN THE FEDERAL RESERVE DISTRICT IN WHICH THE COURT IS LOCATED; 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. 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. All other judgments or decrees shall bear interest at a per annum rate equal to the discount rate at the Federal Reserve Bank in the Federal Reserve district in which the court is located, beginning from a date determined by the judge hearing the complaint to be fair but in no event before the filing of the complaint.
SECTION 2. This act shall take effect and be in force from and after July 1, 2012.