Section 09.30.070. Interest on judgments; prejudgment interest.

   (a) Notwithstanding AS 45.45.010, the rate of interest on judgments and decrees for the payment of money, including prejudgment interest, is three percentage points above the 12th Federal Reserve District discount rate in effect on January 2 of the year in which the judgment or decree is entered, except that a judgment or decree founded on a contract in writing, providing for the payment of interest until paid at a specified rate not exceeding the legal rate of interest for that type of contract, bears interest at the rate specified in the contract if the interest rate is set out in the judgment or decree.
   (b) Except when the court finds that the parties have agreed otherwise and except as provided by AS 45.05.111(d), prejudgment interest accrues from the day process is served on the defendant or the day the defendant received written notification that an injury has occurred and that a claim may be brought against the defendant for that injury, whichever is earlier. The written notification must be of a nature that would lead a prudent person to believe that a claim will be made against the person receiving the notification, for personal injury, death, or damage to property.
   (c) Prejudgment interest may not be awarded for future economic damages, future noneconomic damages, or punitive damages.

Authorities

9.50.280;18.80.130;23.30.155;36.30.623

Notes

References

6 AAC 30.480
8 AAC 45.142
8 AAC 45.162
AS 9.50.280 .280">Sec. 09.50.280. Judgment for plaintiff; punitive damages.
AS 18.80.130 Order; interest rate.
AS 23.30.155 Payment of compensation.
AS 36.30.623 Interest on certain claims.

History

(Sec. 4.07 ch 101 SLA 1962; am Sec. 1 ch 69 SLA 1969; am Sec. 1 ch 107 SLA 1980; am Sec. 3 ch 139 SLA 1986; am Sec. 18, 19 ch 26 SLA 1997; am Sec. 1 ch 75 SLA 1999)