Arizona Laws 12-352. Medical malpractice judgments; payment of interest; definition
A. Notwithstanding any law to the contrary, in a contested action arising out of a medical malpractice claim the court shall award the payment of interest to the prevailing party at a rate that is equal to one percentage point above the federal postjudgment interest rate in effect on the date judgment is entered. Interest shall only accrue from and after the date judgment is entered until the judgment is paid. If the judgment is reversed or otherwise set aside, no interest shall be paid. The rate for calculating interest that accrues from and after the date judgment is entered shall be adjusted on June 30 and December 31 of each year to equal one percentage point above the federal postjudgment interest rate in effect on the date of adjustment until the judgment is paid. The interest rate specified for purposes of this section shall not exceed nine per cent. Interest shall accrue at each adjusted rate only until the next adjustment. The adjusted interest rate shall not be applied to any preceding six-month period.
Terms Used In Arizona Laws 12-352
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. For the purposes of this section, "federal postjudgment interest rate" means the interest rate established for the federal court system pursuant to 28 United States Code § 1961, as amended.