Interest on Judgments Act

CHAPTER 233

OF THE

REVISED STATUTES, 1989

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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 interest at the rate of five per cent per annum or, where another rate is prescribed pursuant to subsection (2), at that other rate.

Regulations

(2) The Governor in Council may make regulations

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

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

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

Regulations Act

(3) The exercise of the authority contained in subsection (2) shall be regulations 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 be calculated from the time of the rendering of the verdict or of the giving of the judgment, as the case may be, notwithstanding that the entry of judgment upon the verdict or upon the giving of the judgment has been suspended 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 payable by or under any judgment, decree, rule or order of any court whatsoever in any civil proceeding shall for the purposes of this Act be deemed to be a judgment debt. R.S., c. 233, s. 4.

Existing judgment debt

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

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