16-201.
Legal rate of interest; prejudgment interest rate in civil tort actions.
(a) Except as provided in subsection (b), creditors shall be allowed to receive interest at the rate of 10% per annum when no other rate of interest is agreed upon, for any money after it becomes due; for money lent or money due on settlement of account, from the day of liquidating the account and ascertaining the balance; for money received for the use of another and retained without the owner's knowledge of the receipt; for money due and withheld by an unreasonable and vexatious delay of payment or settlement of accounts; for all other money due and to become due for the forbearance of payment whereof an express promise to pay interest has been made; and for money due from corporations and individuals to their daily or monthly employees, from and after the end of each month, unless paid within 15 days thereafter.
(b) In all civil tort actions filed on or after July 1, 2023, under chapter 60 of the Kansas Statutes Annotated, and amendments thereto, in which the court determines that prejudgment interest shall be awarded, the judgment creditor shall be allowed to receive interest at the rate per annum of two percentage points below the rate per annum specified in K.S.A. 16-204(e)(1), and amendments thereto.
History:
L. 1889, ch. 164, § 1; L. 1980, ch. 74, § 1; L. 2023, ch. 55, § 1; July 1.
Notes of Decisions
Ary Jewelers, L.L.C. v. Krigel, 85 P.3d 1151 (Kan. 2004).
· cites it 6× “K.S.A. 16-201 and 16-204 are inapplicable because the parties agreed to the interest that would be earned on the escrowed funds, which is set forth in paragraph 5 of each Escrow Agreement.”
Mathiason v. Aquinas Home Health Care, Inc., 187 F. Supp. 3d 1269 (D. Kan. 2016).
· cites it 2× “2001) (awarding prejudgment interest at the Kansas statutory rate of ten percent, K.S.A. § 16-201). “While the rate of prejudgment interest on a federal claim is a question of federal law, courts generally look to state law to determine the rate.”
Phillips Petroleum Co. v. Shutts, 472 U.S. 797 (1985).
· cites it 2× “15, § 266 (1971) ("The legal rate of interest shall be six per cent in the absence of any contract as to the rate of interest"); Tex. Rev. Civ. Stat.”
Mitchell v. Liberty Mut. Ins., 24 P.3d 711 (Kan. 2001).
· cites it 5× ““K.S.A. 16-201 provides diat a party is entided to 10% interest on moneys due and owing ‘after it becomes due.”
Ireland v. Dodson, 704 F. Supp. 2d 1128 (D. Kan. 2010).
· cites it 8× “00 under K.S.A. § 16-201, which provides that “creditors shall be allowed to receive interest at the rate of ten percent per annum, when no other rate of interest is agreed upon, for any money after it comes due.”
Carolina Indus. Prods., Inc. v. Learjet, Inc., 189 F. Supp. 2d 1147 (D. Kan. 2001).
· cites it 5× “The court holds that the rules related to the award of attorney fees are substantive and, therefore, the court will apply Georgia law in determining whether attorney fees will be awarded.”
Crawford v. Prudential Ins. Co. of Am., 783 P.2d 900 (Kan. 1989).
· cites it 4× “"IT IS FURTHER ORDERED, ADJUDGED AND DECREED BY THE COURT that Plaintiff be and hereby is awarded attorney fees in the sum of $2,788.”
Hysten v. Burlington N. Santa Fe Ry. Co., 530 F.3d 1260 (10th Cir. 2008).
· cites it 2× “Standard This Court reviews an award of prejudgment interest under Kansas law for an abuse of discretion. See Hofer v. Unum Life Ins.”
Fid. & Deposit Co. of Maryland v. Hartford Cas. Ins., 215 F. Supp. 2d 1171 (D. Kan. 2002).
· cites it 4× “stances of this case, the court does not believes that Hartford took a frivolous or patently unreasonable position at the time that it denied coverage. Accordingly, at *1194 torneys’ fees for bringing this action must be denied.”
Gruber v. Est. of Marshall, 482 P.3d 612 (Kan. Ct. App. 2021).
· cites it 6× “Under K.S.A. 16-201, creditors shall be allowed to receive interest at the rate of 10 percent per annum, when no other rate of interest is agreed upon, for any money after it becomes due.”
Tyler v. Employers Mut. Cas. Co., 49 P.3d 511 (Kan. 2002).
· cites it 3× “In arguing that it was unnecessary to have a final determination of workers compensation benefits, Tyler maintains that "[t]he amount due is fixed by the court's entry of judgment, and EMC retains a right of recoupment in any amounts that Tyler may later collect from workers…”
Kilner v. State Farm Mut. Auto. Ins., 847 P.2d 1292 (Kan. 1993).
· cites it 3× “K.S.A. 16-201 provides: “Creditors shall be allowed to receive interest at the rate of ten percent per annum, when no other rate of interest is agreed upon, for any money after it becomes due; for money lent or money due on settlement of account, from the day of liquidating the…”
— K.S.A. § 16-201(a) — 2 cases
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