About this time last year, I noted that the statutory rate of interest on Tennessee judgments was continuing to increase. At the time, the rate was 6.25%.
After bumping up to 6.5% in January 2018, it has now risen again to 7.0% (effective July 1, 2018).
As you’ll recall from my post in February 2013, Tennessee switched from a flat-rate of 10% to a variable rate under the (then) new version of Tenn. Code Ann. § 47-14-121.
As a creditor, this is great news. As a creditor lawyer, it’s kind of a pain in the neck.
Now, when I’m asked to prepare a payoff, I have to check the Tennessee Administrative Office of the Courts website to see what the applicable rate is. Then, for any increases or decreases, I have to adjust my math for that time period.