Although banks and financial institutions are currently paying interest on savings at about 4% per year, the statutory rate of interest on judgments is 9% per year, except where otherwise provided by statute.
Interest on a Distributive Award
Although banks and financial institutions are currently paying interest on savings at about 4% per year, the statutory rate of interest on judgments is 9% per year, except where otherwise provided by statute. Civil Practice Law and Rules (CPLR) ' 5004. In today's economy, with financial institutions paying low interest rates, the 9% statutory rate on the payment of a distributive award is a good investment for the recipient spouse, if he or she can get it, and an incentive for the obligor spouse to pay the award promptly.
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