The State Court Administrator has announced that the interest rate for judgments in 2006 will be 10%.
Under new amendments to NDCC 28-20-34, the rate is set by the State Court Administrator based on the prime rate as reported on the first Monday in December, plus three percentage points, rounded up to the next half percentage point if necessary.
Because the prime rate on Dec. 5, 2005 was 7%, the interest rate for all judgments entered between Jan. 1, 2006 and Dec. 31, 2006 will be 10%.
Under the previous law, the interest rate on judgments was 12% unless a different rate was specified in the judgment.
December 21, 2005