Legal Question in Credit and Debt Law in Maryland
Post-judgement interest
If the money judgement is paid to the creditor in small increments, how does one calculate the post-judgement interest? More specifically, is this interest (10% in MD) on the FULL or PRORATED amount of judgement.
Thank you
Asked on 4/09/02, 11:26 am
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Post-judgement interest
Unless the judgment provides otherwise, interest accrues on the daily principal balance. Payments are applied first to costs, then to interest, then to reduce principal. Each payment is credited on the date made, and interest calculated on a daily basis to that date.
Answered on 4/14/02, 7:31 pm
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