The State of Michigan Department of Treasury announced that the money judgment interest rate for the first half of 2016 is 2.571%. Money judgment interest is interest that accrues on a money judgment until the judgment is paid. The purpose of money judgment interest is to compensate the plaintiff for the loss of the use of the funds while the judgment is outstanding.
In Michigan, the money judgment interest rate is governed by MCL 600.6013. This section provides that money judgment interest is to be calculated at six month intervals and that the interest rate is equal to 1% plus the average interest rate paid for 5 year U.S. treasury notes in the last six months.
MCL 600.6013 mandates that, with certain exceptions, interest on trial judgments be calculated from the date the complaint is filed to the date the judgment is satisfied. In addition, interest is usually calculated on the entire amount of the money judgment, including attorney fees and other costs.
