Title 15 Chapter 1 Section 4

Contracts and Obligations in General
Section 4
Interest on judgments.


15-1-4.   Interest on judgments.

            (1) As used in this section, "federal postjudgment interest rate" means the interest rate established for the federal court system under 28 U.S.C. Sec. 1961, as amended.

            (2) (a) Except as provided in Subsection (2)(b), a judgment rendered on a lawful contract shall conform to the contract and shall bear the interest agreed upon by the parties, which shall be specified in the judgment.

            (b) A judgment rendered on a deferred deposit loan subject to Title 7, Chapter 23, Check Cashing and Deferred Deposit Lending Registration Act, shall bear interest at the rate imposed under Subsection (3) on an amount not exceeding the sum of:

            (i) the total of the principal balance of the deferred deposit loan;

            (ii) interest at the rate imposed by the deferred deposit loan agreement for a period not exceeding 10 weeks as provided in Subsection 7-23-401(4);

            (iii) costs;

            (iv) attorney fees; and

            (v) other amounts allowed by law and ordered by the court.

            (3) (a) Except as otherwise provided by law, other civil and criminal judgments of the district court and justice court shall bear interest at the federal postjudgment interest rate as of January 1 of each year, plus 2%.

            (b) The postjudgment interest rate in effect at the time of the judgment shall remain the interest rate for the duration of the judgment.

            (c) The interest on criminal judgments shall be calculated on the total amount of the judgment.

            (d) Interest paid on state revenue shall be deposited in accordance with Section 63A-3-505.

            (e) Interest paid on revenue to a county or municipality shall be paid to the general fund of the county or municipality.

Amended by Chapter 79, 2011 General Session