The Hiday Hotline ©

Accrual of Judgment Interest in Florida
By Robert D. Hiday
Pursuant to Florida Statute
55.03(1), the judgment interest rate remains the same on all judgments until they are paid in full.
See the historical interest rate chart to see how
the rate has changed over the years.
Another related topic concerns whether the Courts will allow
a creditor to use it's contractual rate in place of the statutory
rate that is set as indicated above. In other words, if the statute
for this year is at X% but you have a contract with the debtor
that calls for 18% interest, can you have the Court enter a judgment
that accrues interest at the higher rate? This controversy was
settled. In the case of Whitehurst vs. Camp, 699 So. 2d 679;
1997 Fla. LEXIS 1355; 22 Fla. L. Weekly S 527 (Fla 1997). In
that case the Florida Supreme Court held that the note held by
the creditor merges with the judgment and therefore cannot be
the controlling instrument. In other words, the interest rate
to be used on the judgment is that set by Chapter 55, not the
promissory note. The only exception to this rule is where the
note has a specific rate of interest that is to be applied in
the event a judgment is entered. In that case, where the parties
agreed in advance to the judgment interest rate, the Court would
allow the higher rate.
If you wish more information about the issues above, feel free
to contact us.

Historical Judgment Interest Rates
YEAR |
PER ANNUM |
| 2009 |
8% |
| 2008 |
11% |
| 2007 |
11% |
| 2006 |
9% |
| 2005 |
7% |
| 2004 |
7% |
2003 |
6% |
2002 |
9% |
2001 |
11% |
2000 |
10% |
1999 |
10% |
1998 |
10% |
1997 |
10% |
1996 |
10% |
1995 |
8% |
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