Interest Rate

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Interest Rate (by Scott [MD]) Oct 2, 2013 11:14 AM

Interest Rate (by FYI [MD]) Oct 2, 2013 12:16 PM

Interest Rate (by Scott [MD]) Posted on: Oct 2, 2013 11:14 AM
Message:

State Specific Question About: MARYLAND (MD)

I had won a judgment against my former tenant and I'm getting conflicted information on the post-judgment interest rate for the garnishment of wages. I have read for the state of Maryland that it's 10 percent, however, the defendant's lawyer says it's 6 percent. I was informed by one lawyer that the 6 percent post-judgment interest rate is only for late rent / failure to pay judgments, not contract cases such as ours. Thank you for your assistance. --158.70.xxx.xx

Interest Rate (by FYI [MD]) Posted on: Oct 2, 2013 12:16 PM
Message:

2010 Maryland Code

COURTS AND JUDICIAL PROCEEDINGS

TITLE 11 - JUDGMENTS

Subtitle 1 - Judgments - Miscellaneous

Section 11-107 - Interest on judgments generally; interest on money judgment for rent; interest on money judgment for delinquent property taxes.

§ 11-107. Interest on judgments generally; interest on money judgment for rent; interest on money judgment for delinquent property taxes.

(a) Legal rate of interest on judgments.- Except as provided in § 11-106 of this subtitle, the legal rate of interest on a judgment shall be at the rate of 10 percent per annum on the amount of judgment.

(b) Rate of interest for judgments for rent of residential premises.- The legal rate of interest on a money judgment for rent of residential premises shall be at the rate of 6 percent per annum on the amount of the judgment.

(c) Rate of interest for judgments for delinquent real or personal property taxes.- The legal rate of interest on a money judgment for delinquent real or personal property taxes shall be the greater of:

(1) The sum of the rates fixed under §§ 14-603 and 14-702 of the Tax - Property Article for interest and penalties; or

(2) At the rate of 10 percent per annum. --68.54.xxx.xx

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