H 3808 General Bill, By L.H. Limbaugh and Robinson

Similar(H 5000)
 A BILL TO AMEND SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO THE LEGAL RATE OF INTEREST ON ACCOUNTS AND ON MONETARY DECREES AND
 JUDGMENTS, SO AS TO REVISE THE LEGAL RATE OF INTEREST ON MONETARY DECREES AND
 JUDGMENTS.

   04/02/97  House  Introduced and read first time HJ-125
   04/02/97  House  Referred to Committee on Judiciary HJ-125

TO AMEND SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LEGAL RATE OF INTEREST ON ACCOUNTS AND ON MONETARY DECREES AND JUDGMENTS, SO AS TO REVISE THE LEGAL RATE OF INTEREST ON MONETARY DECREES AND JUDGMENTS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 34-31-20(B) of the 1976 Code is amended to read:

"(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest shall be at the a rate of fourteen percent per annum equal to the coupon issue yield equivalent, as determined by the State Treasurer, of the average accepted auction price for the last auction of fifty-two week United States Treasury bills settled immediately prior to the date of the judgment. Interest shall be computed daily to the date of payment and shall be compounded annually."

SECTION 2. This act takes effect upon approval by the Governor.