2023 -- S 0633

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LC002371

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2023

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A N   A C T

RELATING TO COURTS AND CIVIL PROCEDURE--PROCEDURE GENERALLY --

JUDGMENTS, ORDERS, AND DECREES -- INTEREST IN CIVIL ACTIONS

     

     Introduced By: Senator Roger Picard

     Date Introduced: March 07, 2023

     Referred To: Senate Judiciary

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 9-21-10 of the General Laws in Chapter 9-21 entitled "Judgments,

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Orders, and Decrees" is hereby amended to read as follows:

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     9-21-10. Interest in civil actions.

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     (a) In any civil action in which a verdict is rendered or a decision made for pecuniary

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damages, there shall be added by the clerk of the court to the amount of damages interest at the rate

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of twelve percent (12%) per annum thereon from the date the cause of action accrued of the filing

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of the civil action calculated at a rate equal to the coupon issue yield equivalent, as determined by

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the U.S. Secretary of the Treasury, of the average accepted auction price for the last auction of

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fifty-two (52) week U.S. Treasury bills settled immediately preceding the date of the filing of the

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action, which shall be included in the judgment entered therein. Post-judgment interest shall be

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calculated the rate of twelve percent (12%) per annum and accrue on both the principal amount of

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the judgment and the prejudgment interest entered therein a rate equal to the coupon issue yield

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equivalent, as determined by the U.S. Secretary of the Treasury, of the average accepted auction

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price for the last auction of fifty-two (52) week U.S. Treasury bills settled immediately preceding

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the date of the filing of the action. This section shall not apply until entry of judgment or to any

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contractual obligation where interest is already provided.

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     (b) Subsection (a) shall not apply in any action filed on or after January 1, 1987, for

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personal injury or wrongful death filed against a licensed physician, hospital, clinic, health

 

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maintenance organization, professional service corporation providing health care services, dentist,

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or dental hygienist based on professional negligence. In all such medical malpractice actions in

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which a verdict is rendered or a decision made for pecuniary damages, there shall be added by the

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clerk of the court to the amount of damages interest at the rate of twelve percent (12%) per annum

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thereon from the date of written notice of the claim by the claimant or his or her representative to

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the malpractice liability insurer, or to the medical or dental health care provider or the filing of the

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civil action, whichever first occurs.

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     SECTION 2. This act shall take effect upon passage and shall apply to judgments entered

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on or after the date of passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO COURTS AND CIVIL PROCEDURE--PROCEDURE GENERALLY --

JUDGMENTS, ORDERS, AND DECREES -- INTEREST IN CIVIL ACTIONS

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     This act would provide that pre- and post-judgment interest on civil actions would begin

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on the date of the filing of the civil action and would be calculated based upon a rate equal to the

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coupon issue yield equivalent.

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     This act would take effect upon passage and would apply to judgments entered on or after

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the date of passage.

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