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2004 SESSION
040575484Be it enacted by the General Assembly of Virginia:
1. That §§ 6.1-330.53, 6.1-330.54 and 8.01-382 of the Code of Virginia are amended and reenacted as follows:
§ 6.1-330.53. Legal rate of interest; when legal rate implied.
The legal rate of interest shall be an annual rate of eight six percent. Except
as provided in subsection (b) of § 8.3A-112 and § 6.1-330.54, the legal rate of
interest shall be implied where there is an obligation to pay interest and no express
contract to pay interest at a specified rate.
§ 6.1-330.54. Judgment rate of interest.
The judgment rate of interest shall be an annual rate of nine six percent,
except that a money judgment entered in an action arising from a contract shall carry interest at the
rate lawfully charged on such contract, or at ninesix percent annually,
whichever is higher. Interest at the judgment rate, where no rate is fixed by
the contract, shall apply to both prejudgment interest pursuant to § 8.01-382
and to post-judgment interest If the contract or other instrument does not fix
an interest rate, the court shall apply the judgment rate of six percent to calculate
prejudgment interest pursuant to § 8.01-382 and to calculate post-judgment
interest.
§ 8.01-382. Verdict, judgment or decree to fix period at which interest begins; judgment or decree for interest.
In any action at law or suit in equity, the verdict of the jury, or if no jury
the judgment or decree of the court, may provide for interest on any principal
sum awarded, or any part thereof, and fix the period at which the interest
shall commence. The judgment or decree entered shall provide for such interest
until such principal sum be paid. If a judgment or decree be rendered which
does not provide for interest, the judgment or decree awarded or jury verdict
shall bear interest at the judgment rate of interest as provided for in §
6.1-330.54 from its date of entry, at the rate as provided in § 6.1-330.54, and
judgment or decree entered accordingly; provided, if the judgment entered in accordance with
the verdict of a jury does not provide for interest, interest shall commence
or from the date that the jury verdict was rendered. Notwithstanding the
provisions of this section, any judgment entered for a sum due under a negotiable instrument, as
defined by § 8.3A-104, shall provide for interest on the principal sum in
accordance with § 8.3A-112 at the rate specified in the instrument. If no such
rate is specified, interest on the principal sum shall be at the judgment rate
provided in § 6.1-330.54.