Legal Question in Credit and Debt Law in Maryland

judgement collection

In family court, the legal fees, court fees etc. were split between the two parties. The defendant had them reduced to a judgement which meant that a lien was put on property that the defendant owned. The defendant is refinancing the property and the title company wants a pay off amount for the judgement from the plaintiff. My question is, has interest accrued since the dollar amount of the judgemt was set? To calculate the judgemnet payoff is interest included? There is no infomation regarding interest when the court ordered the judgement.


Asked on 4/12/05, 9:21 am

1 Answer from Attorneys
Michelle Stawinski Bouland & Brush LLC

Re: judgement collection

Interest accrues at the "legal rate" from the date the judgment was entered. The legal rate, at this time, is 10% per year on the amount of the judgment. This interest does not compound. And, yes, the amount of interest should be included in the pay off amount submitted to the title company. Once Plaintiff receives the funds from the title company, he/she should be sure to file a Notice of Satisfaction of Judgment with the Court (the Clerk's office can provide the forms).

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Answered on 4/12/05, 9:32 am


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