Kentucky Statutes 360.040 – Interest on judgments
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(1) Except as provided in subsections (2), (3), and (4) of this section, a judgment, including a judgment for prejudgment interest, shall bear six percent (6) interest compounded annually from the date the judgment is entered. A judgment may be for the principal and accrued interest.
(2) A judgment for unpaid child support payments shall bear twelve percent (12)
interest compounded annually from the date the judgment is entered.
(3) A judgment rendered on a contract, promissory note, or other written obligation shall bear interest at the interest rate established in that contract, promissory note, or other written obligation.
(4) When a claim for unliquidated damages is reduced to judgment, such judgment may bear less interest than six percent (6) if the court rendering such judgment, after a hearing on that question, is satisfied that the rate of interest should be less than six percent (6). All interested parties must have due notice of said hearing.
Effective:June 29, 2017
History: Amended 2017 Ky. Acts ch. 17, sec. 1, effective June 29, 2017. — Amended 1982 Ky. Acts ch. 7, sec. 2, effective July 15, 1982. — Amended 1976
Ky. Acts ch. 59, sec. 2. — Amended 1942 Ky. Acts ch. 99, sec. 1. — Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec.
2220.
Legislative Research Commission Note (6/29/2017). 2017 Ky. Acts ch. 17, sec. 4 provided that amendments made to this statute in 2017 Ky. Acts ch. 17, sec. 1 apply to all judgments entered by a court on or after June 29, 2017, the effective date of that Act.
(2) A judgment for unpaid child support payments shall bear twelve percent (12)
Terms Used In Kentucky Statutes 360.040
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Statute: A law passed by a legislature.
interest compounded annually from the date the judgment is entered.
(3) A judgment rendered on a contract, promissory note, or other written obligation shall bear interest at the interest rate established in that contract, promissory note, or other written obligation.
(4) When a claim for unliquidated damages is reduced to judgment, such judgment may bear less interest than six percent (6) if the court rendering such judgment, after a hearing on that question, is satisfied that the rate of interest should be less than six percent (6). All interested parties must have due notice of said hearing.
Effective:June 29, 2017
History: Amended 2017 Ky. Acts ch. 17, sec. 1, effective June 29, 2017. — Amended 1982 Ky. Acts ch. 7, sec. 2, effective July 15, 1982. — Amended 1976
Ky. Acts ch. 59, sec. 2. — Amended 1942 Ky. Acts ch. 99, sec. 1. — Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec.
2220.
Legislative Research Commission Note (6/29/2017). 2017 Ky. Acts ch. 17, sec. 4 provided that amendments made to this statute in 2017 Ky. Acts ch. 17, sec. 1 apply to all judgments entered by a court on or after June 29, 2017, the effective date of that Act.