CIVIL PROCEDURE ACT 2005 - SECT 101 Interest after judgment
CIVIL PROCEDURE ACT 2005 - SECT 101Interest after judgment
101 Interest after judgment
(cf Act No 52 1970, section 95; Act No 9 1973, section 85; Act No 11 1970, section 39)
(1) Unless the court orders otherwise, interest is payable on so much of the amount of a judgment (exclusive of any order for costs) as is from time to time unpaid.
(2) Interest under subsection (1) is to be calculated, at the prescribed rate or at such other rate as the court may order, as from:(a) the date on which the judgment takes effect, or(b) such later date as the court may order.
(3) Despite subsection (1), interest is not payable on the amount of a judgment if the amount is paid in full within 28 days after the date on which the judgment takes effect, unless the court orders to the contrary.
(4) Unless the court orders otherwise, interest is payable on an amount payable under an order for the payment of costs.
(5) Interest on an amount payable under an order for the payment of costs is to be calculated, at the prescribed rate or at any other rate that the court orders, as from the date the order was made or any other date that the court orders.
(6) This section does not authorise the giving of interest on any interest payable under this section.
(7) In this section, a reference to the
"prescribed rate" of interest is a reference to the rate of interest prescribed by the uniform rules for the purposes of this section.
Note : See section 136 in relation to the order in which payments on account of a judgment debt are to be appropriated.