New money judgment interest rate announced

The State of Michigan Department of Treasury announced a money judgment interest rate effective Jan. 1, 2012.

“Pursuant to … Subsection 6 of Section 6013, and Subsection 2 of Section 6455 of Public Act No. 236 of 1961, as amended, (M.C.L. Sections 600.6013 and 600.6455) … the State Treasurer of the State of Michigan, hereby certif[ies] that 1.083% was the average interest rate paid at auctions of 5-year United States treasury notes during the six months immediately preceding January 1, 2012.”

Historically, an extra percent is added to the announced rate for legal judgments — i.e., verdicts — so the Jan. 1, 2012, rate for attorneys, judges and the likes will be 2.083 percent.

The 2011 rates were 2.553 percent for the first half, and 3.007 percent for the second half.

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