Leagal or illegal interest?

[ajfarms1]

Texas . I recently lost a small claims suit and refused to pay. I did not pay because the dispute was over an electric bill for a year of use at my deer lease. Bill seemed high so I did some research and found out landowners helper was using our meter. Contract between us clearly states that "we are to reimburse our actual KW hour use". The man has now filed a abstract of judgement in my county. The abstract includes post judgement interest. The judge did not put any interest in the judgement and I heard that interest must be listed in the judgement for him to collect it. Please let me know what I should do. Below is exact wording of the judgement:

On Feburary 29. 2012, came to be tried in its regular orderthe above numbered cause, wherein NAME, plaintiff, and NAME, defendant, and came the parties in person and announced ready for trial, and neither demanded a jury, all matters of controversy of fact and law, were submitted to the court, and the pleadings and arguments having been heard by the court, it is the opinion of the court that the plaintiff, NAME, is justly entitled to a judgement against the defendant, NAME, as herein set out.
Defendant, NAME, is to pay plaintiff, NAME, a judgement of $$$$ and filing/service fee of $$$$ for a total of $$$$.
In the matter of the defendants counterclaim: defendant takes nothing.
IT IS ORDERED, ADJUDGED, AND DECREED that the judgement be made in favor of the plaintiff, NAME.
RENDERED, SIGNED AND ENTERED this Feburary 29, 2012.

JP name signature and seal.

Thanks for any help!!!

 

[racer72]

Post judgment interest is statutory and does not need to be included in the judgment.

 

[Zigner]

Post judgment interest is statutory and does not need to be included in the judgment.

OP's got another thread on this same topic. Section of law was posted stating that interest must be mentioned in the judgement.

 

[ajfarms1]

Here are the three sections in the Texas finance code dealing with judgement interest. If a judgement does not satisfy 304.001 then 304.002 and 304.003 should not matter.


Sec. 304.001. INTEREST RATE REQUIRED IN JUDGMENT. A money judgment of a court in this state must specify the postjudgment interest rate applicable to that judgment.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.

Sec. 304.002. JUDGMENT INTEREST RATE: INTEREST RATE OR TIME PRICE DIFFERENTIAL IN CONTRACT. A money judgment of a court of this state on a contract that provides for interest or time price differential earns postjudgment interest at a rate equal to the lesser of1) the rate specified in the contract, which may be a variable rate; or(2) 18 percent a year.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.

Sec. 304.003. JUDGMENT INTEREST RATE: INTEREST RATE OR TIME PRICE DIFFERENTIAL NOT IN CONTRACT. (a) A money judgment of a court of this state to which Section 304.002 does not apply, including court costs awarded in the judgment and prejudgment interest, if any, earns postjudgment interest at the rate determined under this section.(b) On the 15th day of each month, the consumer credit commissioner shall determine the postjudgment interest rate to be applied to a money judgment rendered during the succeeding calendar month.(c) The postjudgment interest rate is1) the prime rate as published by the Board of Governors of the Federal Reserve System on the date of computation;(2) five percent a year if the prime rate as published by the Board of Governors of the Federal Reserve System described by Subdivision (1) is less than five percent; or(3) 15 percent a year if the prime rate as published by the Board of Governors of the Federal Reserve System described by Subdivision (1) is more than 15 percent.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999; Acts 2003, 78th Leg., ch. 204, Sec. 6.01, eff. Sept. 1, 2003; Acts 2003, 78th Leg., ch. 676, Sec. 1, eff. June 20, 2003.Amended by: Acts 2005, 79th Leg., Ch. 387, Sec. 1, eff. September 1, 2005.Acts 2005, 79th Leg., Ch. 1018, Sec. 7.01, eff. September 1, 2005.

 

[Zigner]

Sec. 304.001. INTEREST RATE REQUIRED IN JUDGMENT. A money judgment of a court in this state must specify the postjudgment interest rate applicable to that judgment.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.

The problem is that this section doesn't say that post-judgment interest is disallowed if it's not called out in the judgment. What this section seems to say is that one of the several rates allowed for must be specified.

 

[ajfarms1]

Why would it be presumed that the judgement can earn interest if it is not granted by the judge. No where in the code does it grant all judgements interest.

 

[Zigner]

Why would it be presumed that the judgement can earn interest if it is not granted by the judge. No where in the code does it grant all judgements interest.

Sure it does - I am getting ready to shut down, but (from memory), the code allows x amount of interest for one type of debt, xx amount of interest for another type, xxx amount for another, etc. All the judge failed to do was specify which one of the statutory amounts you would be paying interest at.

 

[ajfarms1]

Thank you for your time. Have great evening!

 

[ajfarms1]

Zigner, Thanks for your help!

The man that sued me filed an abstract in my county. I have since contacted the JP that issued the judgment and he told me since interest is not in the judgment, there is no interest, so the only amount for me to pay is the amount of the judgment, nothing more. It is not exluded so if the man wants interest he would have to sue me again for the interest. In essence I believe that means just what the code states: Interest applicable MUST be included to be able to collect, or file another suit to get it. Thanks, Allen