An Act relative to prejudgment interest rates
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill addresses the issue of prejudgment interest rates in Massachusetts. Currently, the rate at which interest accrues before a court judgment is not clearly defined, leading to potential disputes and uncertainty. The bill aims to establish a standardized and transparent process for calculating and applying prejudgment interest, providing greater clarity for both plaintiffs and defendants involved in legal proceedings.
Key provisions
- Establishes a statutory rate for prejudgment interest.
- Specifies how prejudgment interest accrues.
- Defines the circumstances under which prejudgment interest applies.
- Requires courts to apply the new prejudgment interest rate consistently.
- Addresses potential conflicts with existing interest rate laws.
Who is affected
- Litigants (plaintiffs and defendants)
- Attorneys
- Courts
- Legal professionals
- Individuals involved in civil lawsuits
Notable changes
- Creates a specific statutory rate for prejudgment interest.
- Clarifies the calculation method for prejudgment interest.
- May standardize interest rate application across different court cases.
Bill text
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Sponsors
Official sponsors from legislative records.
5 on record
Primary sponsor
Bradley H. Jones Jr.
Cosponsors
Bradley H. Jones Jr.
Kimberly N. Ferguson
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