6.2-302 - (Effective October 1, 2010) Judgment rate of interest. - Virginia Statutes

§ 6.2-302. (Effective October 1, 2010) Judgment rate of interest.

A. The judgment rate of interest shall be an annual rate of six percent,except that a money judgment entered in an action arising from a contractshall carry interest at the rate lawfully charged on such contract, or at sixpercent annually, whichever is higher.

B. If the contract or other instrument does not fix an interest rate, thecourt shall apply the judgment rate of six percent to calculate prejudgmentinterest pursuant to § 8.01-382 and to calculate post-judgment interest.

C. The rate of interest for a judgment shall be the judgment rate of interestin effect at the time of entry of the judgment on any amounts for whichjudgment is entered and shall not be affected by any subsequent changes tothe rate of interest stated in this section.

(1987, cc. 622, 623, 630, § 6.1-330.54; 1991, c. 508; 2004, c. 646; 2005, c.455; 2010, cc. 550, 794.)