§ 24-5. Interest on judgments. - North Carolina Statutes

§ 24‑5.  Interest onjudgments.

(a)        Actions onContracts. – In an action for breach of contract, except an action on a penalbond, the amount awarded on the contract bears interest from the date ofbreach. The fact finder in an action for breach of contract shall distinguishthe principal from the interest in the award, and the judgment shall providethat the principal amount bears interest until the judgment is satisfied. Ifthe parties have agreed in the contract that the contract rate shall applyafter judgment, then interest on an award in a contract action shall be at thecontract rate after judgment; otherwise it shall be at the legal rate. Onawards in actions on contracts pursuant to which credit was extended forpersonal, family, household, or agricultural purposes, however, interest shallbe at the lower of the legal rate or the contract rate. For purposes of thissection, "after judgment" means after the date of entry of judgmentunder G.S. 1A‑1, Rule 58.

(a1)      Actions on PenalBonds. – In an action on a penal bond, the amount of the judgment, except thecosts, shall bear interest at the legal rate from the date of entry of judgmentunder G.S. 1A‑1, Rule 58, until the judgment is satisfied.

(b)        Other Actions. – Inan action other than contract, any portion of a money judgment designated bythe fact finder as compensatory damages bears interest from the date the actionis commenced until the judgment is satisfied. Any other portion of a moneyjudgment in an action other than contract, except the costs, bears interestfrom the date of entry of judgment under G.S. 1A‑1, Rule 58, until thejudgment is satisfied. Interest on an award in an action other than contractshall be at the legal rate. (1786, c. 253, P.R.; 1789, c. 314, s. 4, P.R.; 1807,c. 721, P.R.; R.C., c. 31, s. 90; Code, s. 530; Rev., s. 1954; C.S., s. 2309;1981, c. 327, s. 1; 1985, c. 214, s. 1; 1987, c. 758; 1999‑384, s. 1;2000‑133, s. 8; 2003‑59, s. 4.)