Money Judgments

Money Judgments. Every judgment for the payment of money shall bear interest at the rate of three percent a year from the date it is entered. The process to enforce a judgment for the payment of money may be a writ of execution or an order in aid of judgment, as provided in chapter 2 of this division (commencing with 7 CMC § 4201). Source: 8 TTC § 1, effective April 1, 1976; amended by DL 4-217, § 2; PL 23-1, § 2 (Apr. 10, 2023). Commission Comment: The Northern Mariana Islands District Legislature increased the interest rate on money judgments from six percent to nine percent, effective October 6, 1976. The higher rate applies only to money judgments entered on or after that effective date. DL 4-217, § 2. Legislative Findings of 2023 Amendment.— In addition to severability and savings clause provisions, PL 23-1 included the following Findings and Purpose section: Section 1. Findings and Purpose. The Legislature finds that pursuant to 7 CMC § 4101, our respective judicial court is given the prerogative to grant money judgements. Pursuant to the same statute, each money judgement consists of an interest rate of nine percent (9%). However, the Legislature also finds that many of our constituents, particularly those whom our judicial courts ruled against in regards to money judgments, find it problematic and extremely burdensome to compensate for the amount set forth by our court as well as its corresponding excessive amount of interest. The Legislature finds that it is imperative to lower the interest rate from nine percent (9%) to three percent (3%) to provide necessary financial relief for those individuals who are struggling to pay the money judgements without violating the integrity of such judgements and allow for them to efficiently continue their court-ordered obligation. Therefore, the purpose of this Act is to amend 7 CMC § 4101 of the Commonwealth Code to lower the interest rate of civil money judgments from nine percent (9%) to three percent (3%).