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Changes to Existing Law

HB1194revise the interest rate on garnishments.

1 section modified+15-6
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§ 54-3-5.1

Amended
+15-6
Section 54-3-5.1 — AMENDED
Interest is payable on all judgments and statutory liens, exclusive of real estate mortgages and security agreements under Title 57A, and exclusive of support debts or judgments under § 25-7A-14, at the Category B rate of interest as established in § 54-3-16 from and after the date of judgment and date of filing statutory lien. On all judgments arising from inverse condemnation actions, interest is payable at the Category A rate of interest as established by § 54-3-16. On a garnishment judgment, the interest applied may not exceed the Category A rate of interest as established by § 54-3-16. 11