Is it proper to compound prejudgment interest...?
Is it proper to compound prejudgment interest on a yearly basis? Our reading of the 12 O.S. § 727.1 (E) doesn't provide us a clear answer.
Answer: Lee v. Volkswagen of America, Inc., 1987 OK 80, 743 P.2d 1067 discusses compounding post-judgment interest which is now permitted pursuant to statutory amendment. I am not aware of anything providing for compounding prejudgment interest. Also, prejudgment interest in a BI case virtually goes away with HB 1603 because it does away with post-judgment interest for the first 24 months a suit is pending.
Posted on Mon, November 30, 2009
by Sharon Coleman