QUESTION

can interest be add to money in a small claim

Asked on Oct 14th, 2012 on Civil Litigation - Nevada
More details to this question:
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1 ANSWER

R. Christopher Reade
The answer is that Nevada law allows prejudgment interest on any legal claim depending on the type of claim.  For contractual claims, prejudgment interest is calculated pursuant to NRS 99.040 upon all money from the time it becomes due.  The Interest Rate to use is either (a) the interest rate specified in the contract; or if no rate is specified in the contract (b) the Prime Rate + 2% on the date of the contract.  The interest then runs from the date that the obligation came due. For all other claims, NRS 17.130(2) provides that interest shall be calculated and run from the date of the service of the Summons and Complaint on the Defendant at the Prime Rate + 2% in effect immediately preceding the Judgment.   For the "Prime + 2%" calculations, these rates are calculated by the Commissioner of Financial Institutions for the State of Nevada.
Answered on Oct 15th, 2012 at 12:30 PM

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