HB524 Summary

• Amends Section 8-8-10, Code of Alabama 1975, to expand when money judgments accrue interest from the date of the cause of action.

• Currently, only contract-based judgments bear interest from the day of the cause of action at the contract's stated rate; non-contract judgments bear interest at 7.5 percent per annum.

• Removes the distinction between contract and non-contract judgments, making all money judgments bear interest from the date of the cause of action.

• Applies the 7.5 percent per annum interest rate to all non-contract judgments from the cause of action date, with fees for trustees, executors, administrators, and attorneys bearing interest from the day of entry.

• Becomes effective on the first day of the third month following passage and approval by the Governor.