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New Mexico Statutes Chapter 56. Commercial Instruments and Transactions § 56-8-4. Judgments and decrees; basis of computing interest

Current as of January 01, 2024 | Updated by Findlaw Staff

A. Interest shall be allowed on judgments and decrees for the payment of money from entry and shall be calculated at the rate of eight and three-fourths percent per year, unless:

(1) the judgment is rendered on a written instrument having a different rate of interest, in which case interest shall be computed at a rate no higher than specified in the instrument; or

(2) the judgment is based on tortious conduct, bad faith or intentional or willful acts, in which case interest shall be computed at the rate of fifteen percent.

B. Unless the judgment is based on unpaid child support, the court in its discretion may allow interest of up to ten percent from the date the complaint is served upon the defendant after considering, among other things:

(1) if the plaintiff was the cause of unreasonable delay in the adjudication of the plaintiff's claims; and

(2) if the defendant had previously made a reasonable and timely offer of settlement to the plaintiff.

C. Nothing contained in this section shall affect the award of interest or the time from which interest is computed as otherwise permitted by statute or common law.

D. The state and its political subdivisions are exempt from the provisions of this section except as otherwise provided by statute or common law.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 56. Commercial Instruments and Transactions § 56-8-4. Judgments and decrees; basis of computing interest - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-56-commercial-instruments-and-transactions/nm-st-sect-56-8-4/

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