0001| SENATE BILL 539
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| L. SKIP VERNON
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0005|
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO RATES OF INTEREST; PROVIDING FOR MAXIMUM RATES OF
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0012| INTEREST TO BE CHARGED ON JUDGMENTS.
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0013|
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0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015| Section 1. Section 56-8-4 NMSA 1978 (being Laws 1851-
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0016| 1852, p. 255, as amended) is amended to read:
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0017| "56-8-4. JUDGMENTS AND DECREES--BASIS OF COMPUTING
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0018| INTEREST.--
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0019| A. Interest shall be allowed on judgments and
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0020| decrees for the payment of money from entry and shall be
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0021| calculated [at the rate of eight and three-quarters percent
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per year] from the date of the entry of the judgment at a
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0023| rate equal to the coupon issue yield equivalent, as determined
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0024| by the United States secretary of the treasury, of the average
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0025| accepted auction price for the last auction of fifty-two week
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0001| United States treasury bills settled immediately prior to the
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0002| date of the judgment, unless the judgment is rendered on a
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0003| written instrument having a different rate of interest, in
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0004| which case interest shall be computed at a rate no higher than
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0005| specified in the instrument [or the judgment is based on
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tortious conduct, bad faith, intentional or willful acts, in
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which case interest shall be computed at the rate of fifteen
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percent].
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0009| B. The court in its discretion may allow interest
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0010| [of up to ten percent] calculated from the date the
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0011| complaint is served upon the defendant at a rate equal to the
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0012| coupon issue yield equivalent, as determined by the United
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0013| States secretary of the treasury, of the average accepted
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0014| auction price for the last auction of fifty-two week United
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0015| States treasury bills settled immediately prior to the date of
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0016| the judgment, after considering among other things:
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0017| (l) if the plaintiff was the cause of
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0018| unreasonable delay in the adjudication of the plaintiff's
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0019| claims; and
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0020| (2) if the defendant had previously made a
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0021| reasonable and timely offer of settlement to the plaintiff.
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0022| C. Nothing contained in this section shall affect
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0023| the award of interest or the time from which interest is
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0024| computed as otherwise permitted by statute or common law.
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0025| D. The state and its political subdivisions are
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0001| exempt from the provisions of this section except as otherwise
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0002| provided by statute or common law."
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0003|
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