H-4714.1  _______________________________________________

                          HOUSE BILL 3025

          _______________________________________________

State of Washington      57th Legislature     2002 Regular Session

By Representative Sommers

Read first time .  Referred to Committee on .

Revising the rate of interest on certain tort judgments.

    AN ACT Relating to post judgment interest on tort judgments; amending RCW 4.56.115 and 19.52.025; and creating a new section.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

    Sec. 1.  RCW 4.56.115 and 1983 c 147 s 2 are each amended to read as follows:

    Judgments founded on the tortious conduct of the state of Washington or of the political subdivisions, municipal corporations, and quasi municipal corporations of the state, whether acting in their governmental or proprietary capacities, shall bear interest from the date of entry at two percentage points above the ((maximum rate permitted under RCW 19.52.020 on)) equivalent coupon issue yield (as published by the board of governors of the federal reserve system) of the average bill rate for twenty-six week treasury bills as determined at the first bill market auction conducted during the calendar month immediately preceding the date of entry thereof((:  PROVIDED, That)).  In any case where a court is directed on review to enter judgment on a verdict or in any case where a judgment entered on a verdict is wholly or partly affirmed on review, interest on the judgment or on that portion of the judgment affirmed shall date back to and shall accrue from the date the verdict was rendered.

NEW SECTION. Sec. 2.  The rate of interest required by section 1 of this act applies to the accrual of interest:

    (1) As of the date of entry of judgment with respect to a judgment that is entered on or after the effective date of this act;

    (2) As of the effective date of this act with respect to a judgment that was entered before the effective date of this act and that is still accruing interest on the effective date of this act.

    Sec. 3.  RCW 19.52.025 and 1986 c 60 s 1 are each amended to read as follows:

    Each month the state treasurer shall compute the highest rate of interest permissible under RCW 19.52.020(1), and the rate of interest required by RCW 4.56.115, for the succeeding calendar month.  The treasurer shall file ((this rate)) these rates with the state code reviser for publication in the next available issue of the Washington State Register in compliance with RCW 34.08.020(8).

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