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Civil litigation

interest rates on judgments

Interest rates are compensation for the time-value of money, and are calculated on judgments (the amount of money one party to a lawsuit is ordered to pay another party) based on the applicable state or federal statutes. There are often different interest rates set by law for prejudgment interest (the interest on the amount owed before the judgment) and post-judgment interest (the interest on the amount owed after the judgment). The calculation of prejudgment and post-judgment interest rates vary from state to state (and in federal court), and require a careful analysis of the statutes.

In New Mexico (NM), interest rates on judgments are governed by state statutes. Prejudgment interest is the interest accrued from the time the money is owed until a judgment is entered. In NM, the prejudgment interest rate is typically set by the court and can vary, but it often reflects the rate for post-judgment interest unless a contract or statute provides otherwise. Post-judgment interest is the interest that accrues after a judgment has been entered by the court. As of the knowledge cutoff in 2023, the post-judgment interest rate in New Mexico is set at 8.75% per annum for civil actions, according to NM Stat § 56-8-4. This rate applies unless a written contract or statute specifies a different rate. It's important to note that these rates can change, and an attorney can provide the most current information and help with the calculation of interest on judgments.

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Civil litigation

interest rates on judgments

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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New-Mexico State Code

New-Mexico State Code

Civil litigation

interest rates on judgments

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