Stockman Bank of Montana v. AGSCO, Inc. - No. 20070357
Case Summary
Stockman Bank of Montana appeals an order and subsequent judgment awarding interest at a rate of 1.5%.
In January 2006, a judgment against the Bank was entered in the amount of $287,406.30. Funds that the Bank had deposited with the district court were wired to AGSCO in satisfaction of the judgment. In Stockman Bank of Montana v. AGSCO, Inc., 2007 ND 26, 728 N.W.2d 142, this Court reversed a portion of the district court judgment. In June 2007, AGSCO returned to the Bank an agreed upon amount of $127,810.27. The parties asked the district court to determine the amount of interest to be awarded to the Bank for AGSCO's use of the $127,810.27 from January 2006 until June 2007. The district court awarded interest at a rate of 1.5%, the interest rate earned on funds deposited with the district court.
On appeal, the Bank argues the district court erred in determining the Bank was only entitled to interest at a rate of 1.5%.