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Assembly Bill A5706

2011-2012 Legislative Session

Relates to the rate of interest to be paid on judgments and accrued claims

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2011-A5706 (ACTIVE) - Details

Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd ยง5004, CPLR

2011-A5706 (ACTIVE) - Summary

Relates to the rate of interest to be paid on judgments and accrued claims; ties the rate of interest to the maturity treasury yield as published by the federal reserve.

2011-A5706 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5706

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 25, 2011
                               ___________

Introduced  by M. of A. DESTITO -- read once and referred to the Commit-
  tee on Judiciary

AN ACT to amend the civil practice law and rules,  in  relation  to  the
  rate of interest to be paid upon judgments and accrued claims

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 5004 of  the  civil  practice  law  and  rules,  as
amended  by  chapter  258  of  the  laws  of 1981, is amended to read as
follows:
  S 5004. Rate of interest. Interest shall be [at the rate of  nine  per
centum  per  annum] CALCULATED AT A RATE EQUAL TO THE WEEKLY AVERAGE ONE
YEAR CONSTANT MATURITY TREASURY YIELD, AS  PUBLISHED  BY  THE  BOARD  OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM, FOR THE CALENDAR WEEK PRECEDING
THE  DATE  OF  THE  ENTRY OF THE JUDGMENT AWARDING DAMAGES, except where
otherwise provided by statute.  IN NO EVENT, HOWEVER, SHALL THE RATE  OF
INTEREST  ON  ANY  JUDGMENT  OR ACCRUED CLAIM EXCEED NINE PER CENTUM PER
ANNUM.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09406-01-1

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