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Interest on a Distributive Award
Although banks and financial institutions are currently paying interest on savings at about 4% per year, the statutory rate of interest on judgments is 9% per year, except where otherwise provided by statute. Civil Practice Law and Rules (CPLR) ' 5004. In today's economy, with financial institutions paying low interest rates, the 9% statutory rate on the payment of a distributive award is a good investment for the recipient spouse, if he or she can get it, and an incentive for the obligor spouse to pay the award promptly.
It is common for a judgment of dissolution not to provide for the accrual of statutory interest on payments of a distributive award. If interest is awarded on such payments, it usually starts to run from the date of entry of the judgment, not from the date of the decision awarding the payments.
The first time you attend a settlement conference on a new case, do not forget to ask for interest on the pay-out of the property settlement. It appears that the reason many attorneys fail to obtain interest payments for their clients is that the trial of an equitable case is so complex and overwhelming, with so many important issues, that asking for interest (perceived as a relatively minor issue) gets lost in the shuffle. Another reason may be that matrimonial attorneys are conditioned to make a motion for a money judgment, pursuant to Domestic Relations Law (DRL) ' 244, whenever there are arrears of any payments due pursuant to a judgment or order granted in a matrimonial action or family court proceeding. When such motions are made, the award of interest is discretionary with the court, unless the default was willful.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.