senate Bill S3751

2011-2012 Legislative Session

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

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to banks
Mar 03, 2011 referred to banks

S3751 - Details

See Assembly Version of this Bill:
A9765
Current Committee:
Law Section:
Banking Law
Laws Affected:
Add §7-a, Bank L; amd §5004, CPLR

S3751 - 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.

S3751 - Sponsor Memo

S3751 - Bill Text download pdf

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

                                  3751

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              March 3, 2011
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to amend the banking law and 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.  The banking law is amended by adding a new section 7-a to
read as follows:
  S 7-A. RATE OF INTEREST ON MONEY JUDGMENTS. UNLESS OTHERWISE  PROVIDED
BY  CONTRACT  OR ANY OTHER PROVISION OF LAW, THE INTEREST ON MONEY JUDG-
MENTS SHALL BE 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. 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 3. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09406-02-1

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