SB 1080 Summary

• Amends 12 O.S. 2011, Section 727.1 to modify postjudgment interest calculations on court judgments in Oklahoma

• Changes postjudgment interest calculation for contracts with specified interest rates to use the contractual rate instead of the statutory prime rate plus 2% formula

• Maintains existing postjudgment interest accrual from judgment rendition or filing date, with interest recalculated annually based on rates in effect each calendar year

• Applies to all unpaid judgments, including those against the state and political subdivisions, with caps on total liability under the Governmental Tort Claims Act

• Becomes effective November 1, 2013