SB207 Summary

• Amends Section 8-8-10 of the Code of Alabama 1975 to modify interest rates on money judgments.

• Judgments based on contract actions continue to bear interest at the rate specified in the contract from the date of the cause of action.

• All other judgments (non-contract based) bear interest at 7.5 percent per annum from the date of entry of the judgment.

• Post-judgment interest is computed daily to the date of payment and compounded annually.

• Applies to all judgments entered on or after the effective date; became effective on the first day of the third month following passage and approval by the Governor.