Interest on Judgments Act

Link to law: http://nslegislature.ca/legc/statutes/interest.htm
Published: 2016-01-05

Interest on Judgments Act

CHAPTER 233 OF THE REVISED STATUTES, 1989

An Act Respecting Interest
on Judgment Debts

Short title
1 This Act may be cited as the Interest on Judgments Act. R.S.,c. 233, s. 1.

Interest
2 (1) Until it is satisfied, every judgment debt shall bear interestat the rate of five per cent per annum or, where another rate is prescribedpursuant to subsection (2), at that other rate.

Regulations
(2) The Governor in Council may make regulations

(a) determining rates of interest on judgment debts, includingjudgment debts which are, on the coming into force of thissubsection, unsatisfied in whole or in part;

(b) respecting the method and frequency of determining the ratesof interest;

(c) fixing the periods during which the rates of interest are ineffect.

Regulations Act
(3) The exercise of the authority contained in subsection (2) shall beregulations within the meaning of the Regulations Act. R.S., c. 233, s. 2.

Calculation of interest
3 Unless it is otherwise ordered by the court such interest shall becalculated from the time of the rendering of the verdict or of the givingof the judgment, as the case may be, notwithstanding that the entry ofjudgment upon the verdict or upon the giving of the judgment has beensuspended by any proceedings either in the same court or on appeal. R.S., c. 233, s. 3.

Deemed judgment debt
4 Any sum of money or any costs, charges or expenses made payableby or under any judgment, decree, rule or order of any court whatsoeverin any civil proceeding shall for the purposes of this Act be deemed to bea judgment debt. R.S., c. 233, s. 4.

Existing judgment debt
5 Every judgment debt unsatisfied in whole or in part at the time ofthe passing of this Act is declared to have borne interest at the rate offive per cent per annum, such interest to be calculated from the timementioned in Section 3 and such judgment debt shall continue to bearinterest as provided in this Act until it is satisfied. R.S., c. 233, s. 5.
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