ALLEN R. APPLESTEIN, APPELLANT,
v.
GUSTAVE SIMONS AND NATIONAL SURETY CORPORATION, APPELLEES
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The appellate court reversed a trial court's decision regarding the interest rate on a judgment. The court found that statutory increases in the interest rate did not apply retroactively to the judgment entered before the increases took effect.
No, the statutory increases in the interest rate did not apply retroactively to the judgment. The statutes specifically excluded retroactive application.
[1] Statutory increases in the interest rate on judgments generally apply to unsatisfied final judgments unless the underlying agreement provides otherwise.
[2] A statute altering the interest rate on judgments will not be applied retroactively to judgments entered before the statute's effective date unless the statute explicitly…
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Join FLexlaw to unlock all legal intelligence“We find error in the trial court holding that the interest rate on a judgment increased at various times in accordance with statutory increases enacted by the Legislature.”
Establishes the appellate court's finding of error in the lower court's decision.
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Join FLexlaw to unlock all legal intelligenceA judgment was entered on September 19, 1979, with an initial interest rate of 8% per annum. The interest rate on judgments subsequently increased to …
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PER CURIAM.
We find error in the trial court holding that the interest rate on a judgment increased at various times in accordance with statutory increases enacted by the Legisla ture. Judgment was entered on the 19th day of September, 1979, and at that time interest accrued at the rate of 8% per an-num on judgments rendered in circuit court.1 The interest rate on judgments was increased to 10%, effective October 1, 1980.2 The interest rate on judgments was again increased to 12%, effective October 1, 1981.3
Generally the interest rate would change on an unsatisfied final judgment as the statute proscribing the rate of interest is amended, unless otherwise provided in the basic agreement upon which the final judgment was rendered. See Glades County, Fla. v. Kurtz, 101 F. 2d 759 (5th Cir.1939); Anno. 41 ALR 4th 694, § 6 p. 703 and cases cited therein. However, in the instant case the several statutes which alter the interest rate specifically excluded the application of the new rate in a retroactive manner.4 Therefore, for reasons stated, the final order under review is reversed and remanded to the trial court for reconsideration and the entry of a total amount due based on interest accrued at the rate of 8% per an-num in accordance with Sec. 55.03(1), Florida Statutes (1991).
Reversed and remanded with directions.
. Section 55.03(1), Fla.Stat. (1979).
. Section 55.03(1), Fla.Stat. (1980).
. Section 55.03(1), Fla.Stat. (1981).
. Chapter 80-110, Section 2. “This act shall apply to any judgment or decree entered on or after the effective date of this act.
Section 3., This act shall take effect October 1, 1980."
Chapter 81-113, "(1) A judgment or decree entered on or after October 1, 1981 shall bear interest at the rate of 12 percent a year unless the judgment or decree is rendered on a written contract or obligation providing for interest at a lesser rate, in which case the judgment or decree bears interest at the rate specified in such written contract or obligation.”
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Lyantie Townsend v. R.J. Reynolds Tobacco Co., 192 So. 3d 1223 (Fla. 2016)…changes on judgments as the Legislature changes the' rates in the statutes. See Morley v. Lake Shore & M.S. Ry. Co., 146 U.S. 162, 13 S.Ct. 54, 36 L.Ed. 925 (1892); Glades Cty., Fla. v. Kurtz, 101 F. 2d 759, 760 (5th Cir.1939); Applestein v. Simons, 586 So. 2d 441, 442 (Fla. 3d DCA 1991). The common law default rule rejects the notion that statutory interest is of a contractual nature. See generally Morley, 146 U.S. 162, 13 S.Ct. 54; Glades Cty., Fla., 101 F. 2d 759; Applestein, 586 So. 2d 441. Instead, as re…1 / 2
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Genser v. The Reef Condo. Ass'n, Inc., 100 So. 3d 760 (Fla. 4th DCA 2012)…d as of January 12, 2012, [*763] the interest rate established by the Chief Financial Officer on January 1, 2012, should be used to calculate post-judgment interest and will be adjusted yearly thereafter until paid. As noted in Applestein v. Simons, 586 So. 2d 441, 442 (Fla. 3d DCA 1991), “[generally the interest rate would change on an unsatisfied final judgment as the statute proscribing [sic] the rate of interest is amended, unless otherwise provided in the basic agreement upon which the final judgment was…
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D.S. Keanie v. Goldy, 698 So. 2d 1264 (Fla. 5th DCA 1997)…te, an interpretation that permits the variable rate is more consistent with the apparent legislative intent to subject unpaid judgment obligations to changing market conditions. It is also more consistent with the statement in Applestein v. Simons, 586 So. 2d 441, 442 (Fla. 3rd DCA 1991) rev. denied, 598 So. 2d 78 (Fla.1992): Generally the interest rate would change on an unsatisfied final judgment as the statute prescribing the rate of interest is amended, unless otherwise provided in the basic agreement u…
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Join FLexlaw to unlock all legal intelligenceAuthorities Cited
- Glades Cnty. v. Kurtz, 101 F.2d 759 (5th Cir. 1939)