In alt.home.repair, on Fri, 16 Feb 2024 17:26:53 -0500, Ed P
I'd really like that photo. I'm trying to raise the money now from
contibutors so I can donate.
On one tv station last night, they said that trump had gotten one gift,
that NYS recently lowered the post-judgment interest rate from 9 to 2%,
but I don't think that is correct. That is for consumer debts.
Often I think the best way to get an answer is to ask you folks, but
this is too complicated, so lets see what I can find online.
https://law.justia.com/codes/new-york/2022/cvp/article-50/5004/
"provided the annual rate of interest to be paid in an action arising
out of a consumer debt where a natural person is a defendant shall be
two per centum per annum ...."
b) For the purpose of this section "consumer debt" means any obligation
or alleged obligation of any natural person to pay money arising out of
a transaction in which the money, property, insurance or services which
are the subject of the transaction are primarily for personal, family or
household purposes, whether or not such obligation has been reduced to
judgment, including, but not limited to, a consumer credit transaction,
as defined in subdivision (f) of section one hundred five of this
chapter.
https://law.justia.com/codes/new-york/2022/cvp/article-50/5004/ You have
to log in but they accept Facebook and Google.
Nothing about the disgorgment strikes me as consumer debt, so they still
owe 9%/year until paid. The bond they have to post will be at 120% of
the judgment. I'm not sure why... either that is to allow for posting
assets which may decline in value, or if cash or a bond payable in cash
is posted, I guess it foresees that the appeal will be decided within a
little over 2 years. If it takes longer, ???
I think I heard they have 30 or 40 days to post the bond, if they plan
to appeal. (the first $5 million that goes to E. Jean Carroll has been
posted already.) When an appeal is lost/dismissed, the money goes
straight to the person or entity it was posted for. She, and others,
don't have to chase it. (Are other states like this?)
Of course if you post not assets or cash but a bond, you normally have
to be paying interest on that too! And he can't borrow money from a
bank registered in NYS. Does that include, for example, California
banks? Are there lenders in NY that don't get included as banks, Are
there loan sharks with this much money? What if he borrows money from
the Mob?
Jim says the total comes to about $556M, and 9% of that is about $50
million a year, so the interest that is accruing now is about a million
dollars a week, almost $140,000/day. Unless they are getting more than
9% on their money somewhere else, they'd better pay soon.
Came across that: The maximum rate of interest for loans by New York
State based corporations and individuals is 16%. But nonetheless,
Banking Law section 351[1] allows a New York corporation duly licensed
under section 340 of the Banking Law to charge any rate of interest
allowed by law: in this case up to 24.9%. There are also situations in
which case law permits interest rates higher than the 16% mentioned
above.
https://www.nycourts.gov/courts/nyc/SSI/directives/DRP/drp136a.pdf
If it's a federal court, and I'll bet he soon owes money there, for
something or other, it appears the interest rate is 8.25%.
https://www.nysd.uscourts.gov/forms/how-calculate-post-judgment-interest