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REFERENCE TITLE: technical correction; courts; interest payments |
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State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011
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HB 2349 |
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Introduced by Representative Farnsworth
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AN ACT
amending section 12‑352, Arizona Revised Statutes; relating to court costs.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 12-352, Arizona Revised Statutes, is amended to read:
12-352. Medical malpractice judgments; payment of interest; definition
A. Notwithstanding any law to the contrary, in a contested action arising out of a medical malpractice claim the court shall award the payment of interest to the prevailing party at a rate that is equal to three percentage points above the federal postjudgment interest rate in effect on the date judgment is entered. Interest shall only accrue from and after the date judgment is entered until the judgment is paid. If the judgment is reversed or otherwise set aside, no interest shall be paid. The rate for calculating interest that accrues from and after the date judgment is entered shall be adjusted on June 30 and December 31 of each year to equal three percentage points above the federal postjudgment interest rate in effect on the date of adjustment until the judgment is paid. The interest rate specified for purposes of this section shall not exceed nine per cent. Interest shall accrue at each adjusted rate only until the next adjustment. The adjusted interest rate shall not be applied to any preceding six‑month period.
B. For the purposes of this section, "federal postjudgment interest rate" means the interest rate established for the federal court system pursuant to 28 United States Code section 1961, as amended.