Me. Rev. Stat. » Title 14

Me. Rev. Stat. tit. 14, § 1602-B

Interest before judgment

Find cases: SyfertCases citing this section ME-LEGlegislature.maine.gov JustiaTitle on Justia CornellLII Search CasesGoogle Scholar
1.  In small claims.  In small claims actions, prejudgment interest is not recoverable unless the rate of interest is based on a contract or note.  
[PL 2003, c. 460, §6 (NEW).]
2.  On contracts and notes.  In all civil and small claims actions involving a contract or note that contains a provision relating to interest, prejudgment interest is allowed at the rate set forth in the contract or note.  
[PL 2003, c. 460, §6 (NEW).]
3.  Other civil actions; rate.  In civil actions other than those set forth in subsections 1 and 2, prejudgment interest is allowed at the one-year United States Treasury bill rate plus 3%.  
A. For purposes of this subsection, "one-year United States Treasury bill rate" means the weekly average one-year constant maturity Treasury yield, as published by the Board of Governors of the Federal Reserve System, for the last full week of the calendar year immediately prior to the year in which prejudgment interest begins to accrue.   [PL 2003, c. 460, §6 (NEW).]
B. If the Board of Governors of the Federal Reserve System ceases to publish the weekly average one-year constant maturity Treasury yield or it is otherwise unavailable, then the Supreme Judicial Court shall annually establish by rule a rate that most closely approximates the rate established in this subsection.   [PL 2003, c. 460, §6 (NEW).]
[PL 2003, c. 460, §6 (NEW).]
4.  Stated rate.  When prejudgment interest is awarded pursuant to subsection 2 or 3, the applicable rate must be stated in the judgment.  
[PL 2003, c. 460, §6 (NEW).]
5.  Accrual; suspension; waiver.  Prejudgment interest accrues from the time of notice of claim setting forth under oath the cause of action, served personally or by registered or certified mail upon the defendant until the date on which an order of judgment is entered. If a notice of claim has not been given to the defendant, prejudgment interest accrues from the date on which the complaint is filed. In actions involving a contract or note that contains a provision relating to interest, the rate of interest is fixed as of the time the notice of claim is given or, if a notice of claim has not been given, as of the date on which the complaint is filed. If the prevailing party at any time requests and obtains a continuance for a period in excess of 30 days, interest is suspended for the duration of the continuance. On petition of the nonprevailing party and on a showing of good cause, the trial court may order that interest awarded by this section be fully or partially waived.  
[PL 2003, c. 460, §6 (NEW).]
6.  Effect on post-judgment interest.  This section does not affect post-judgment interest imposed by section 1602‑C. Prejudgment interest may not be added to the judgment amount in determining the sum upon which post-judgment interest accrues.  
[PL 2003, c. 460, §6 (NEW).]
7.  Rate on accrual of interest prior to July 1, 2003.  Notwithstanding subsection 3, for actions in which the interest begins to accrue, as determined pursuant to subsection 5, prior to July 1, 2003, the rate of prejudgment interest on civil actions other than those set forth in subsection 2 is as follows:  
A. If the judgment does not exceed $30,000, the rate for prejudgment interest is 8%; and   [PL 2003, c. 460, §6 (NEW).]
B. If the judgment exceeds $30,000, the rate of prejudgment interest is the one-year United States Treasury bill rate, as defined in subsection 3, plus 1%.   [PL 2003, c. 460, §6 (NEW).]
[PL 2003, c. 460, §6 (NEW).]
SECTION HISTORY
PL 2003, c. 460, §6 (NEW).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public.
If you need legal advice, please consult a qualified attorney.
Notes of Decisions
Cited in 59 cases (6 in the last 5 years), 2003–2025 · leading case: Brown v. Habrle
Sort: Relevance Newest Treatment
Brown v. Habrle (2010) me · cites it 10× “We determine that; (1) prejudgment interest, pursuant to 14 M.R.S. § 1602-B (2009), may not be awarded incident to a marital property division in a divorce action; but (2) post-judgment interest, pursuant to 14 M.”
Packgen, Inc. v. Bernstein, Shur, Sawyer & Nelson, P.A. (2019) me · cites it 3× “Bernstein Shur did not notice the missing oath, nor did it inform Packgen that a "proper notice of claim [was required] to start the accrual of prejudgment interest" or warn Packgen of "the adverse consequences of failing to serve such a notice" or the need to "promptly file…”
Avery v. Kennebec Millwork, Inc. (2004) me · cites it 6× “§ 1602, now 14 M.R.S.A. § 1602-B (Supp.2003). 1 The court awarded five percent interest pursuant to 26 M.”
Beal v. Allstate Insurance Co. (2010) me “Because the court concluded that Beal could not reach her UIM benefits, it did not determine the amount of medical payments benefits to which Beal may be entitled pursuant to her Allstate policy; nor did the court assess prejudgment interest pursuant to 14 M.R.S. § 1602-B…”
Kaplan v. First Hartford Corp. (2009) med · cites it 7× “14 M.R.S.A. § 1602-B; see also Crowe v. Bolduc, 365 F.”
Grande v. St. Paul Fire & Marine Insurance (2006) med · cites it 9× “Grande claims prejudgment interest at the rate in Maine’s prejudgment interest statute, 14 M.R.S.A. § 1602-B. Pl.’s Post-Trial Br.”
Catherine E. Brochu v. Richard A. McLeod (2016) me “Laches and Pre- and Post-Judgment Interest [¶ 23] We turn next to the related determination of whether laches may apply to pre- and post-judgment interest in both child and spousal support arrearage cases.”
Matthew Pollack v. Jessica Fournier (2020) me · cites it 3× “[¶6] On August 3, 2012, Fournier served Pollack and Quirion with a notice of claim pursuant to 14 M.R.S. § 1602-B (2020), which allows for the accrual of prejudgment interest from the date of service of the notice of claim “until the date on which an order of judgment is…”
Webber v. International Paper Co. (2004) med · cites it 2× “§ 1602 (2002) mth 14 M.R.S.A. § 1602-B (2004). The new legislation “applies to judgments entered on or after July 1, 2003.”
Alberta Graf v. State Farm Mutual Automobile Insurance Company (2016) me “See 14 M.R.S. § 1602-B (2015); Simpson v. Hanover Ins.”
Dinan v. Alpha Networks, Inc. (2014) ca1 “in accordance with 14 M.R.S.A. § 1602-B.” Id. The judgment included both compensatory and liquidated damages.”
Dinan v. Alpha Networks Inc. (2013) med · cites it 2× “14 M.R.S. § 1602-B. The purpose of Maine’s pre-judgment interest rule is to incentivize the parties to “conduct litigation efficiently.”
Show all 59 citing cases →
— Me. Rev. Stat. tit. 14, § 1602-B(1) — 3 cases
Avery v. Kennebec Millwork, Inc. (2004) me “§ 1602, now 14 M.R.S.A. § 1602-B (Supp.2003). 1 The court awarded five percent interest pursuant to 26 M.”
Hearts with Haiti, Inc. v. Kendrick (2015) med
John Lausser, et al. v. Elite Airway Services, LLC, d/b/a Elite Airways, et al. (2025) med
— Me. Rev. Stat. tit. 14, § 1602-B(2) — 2 cases
McLaughlin v. Southworth-Milton, Inc. (2005) mesuperct
Weiss v. Thayer Corp. (2010) mesuperct
— Me. Rev. Stat. tit. 14, § 1602-B(3) — 8 cases
Avery v. Kennebec Millwork, Inc. (2004) me “§ 1602, now 14 M.R.S.A. § 1602-B (Supp.2003). 1 The court awarded five percent interest pursuant to 26 M.”
Brown v. Habrle (2010) me “We determine that; (1) prejudgment interest, pursuant to 14 M.R.S. § 1602-B (2009), may not be awarded incident to a marital property division in a divorce action; but (2) post-judgment interest, pursuant to 14 M.”
Kaplan v. First Hartford Corp. (2009) med “14 M.R.S.A. § 1602-B; see also Crowe v. Bolduc, 365 F.”
Grande v. St. Paul Fire & Marine Insurance (2006) med “Grande claims prejudgment interest at the rate in Maine’s prejudgment interest statute, 14 M.R.S.A. § 1602-B. Pl.’s Post-Trial Br.”
LAUSSER v. ELITE AIRWAY SERVICES LLC (2025) med
— Me. Rev. Stat. tit. 14, § 1602-B(3)(A) — 5 cases
Dinan v. Alpha Networks Inc. (2013) med “14 M.R.S. § 1602-B. The purpose of Maine’s pre-judgment interest rule is to incentivize the parties to “conduct litigation efficiently.”
Grande v. St. Paul Fire & Marine Insurance (2006) med “Grande claims prejudgment interest at the rate in Maine’s prejudgment interest statute, 14 M.R.S.A. § 1602-B. Pl.’s Post-Trial Br.”
LAUSSER v. ELITE AIRWAY SERVICES LLC (2025) med
John Lausser, et al. v. Elite Airway Services, LLC, d/b/a Elite Airways, et al. (2025) med
Weiss v. Thayer Corp. (2010) mesuperct
— Me. Rev. Stat. tit. 14, § 1602-B(4) — 2 cases
Winslow v. Hartt Transp. Sys., Inc. (2003) mesuperct
State Farm Fire & Casualty Company v. Haley (2006) mesuperct
— Me. Rev. Stat. tit. 14, § 1602-B(5) — 13 cases
Packgen, Inc. v. Bernstein, Shur, Sawyer & Nelson, P.A. (2019) me “Bernstein Shur did not notice the missing oath, nor did it inform Packgen that a "proper notice of claim [was required] to start the accrual of prejudgment interest" or warn Packgen of "the adverse consequences of failing to serve such a notice" or the need to "promptly file…”
Brown v. Habrle (2010) me “We determine that; (1) prejudgment interest, pursuant to 14 M.R.S. § 1602-B (2009), may not be awarded incident to a marital property division in a divorce action; but (2) post-judgment interest, pursuant to 14 M.”
Matthew Pollack v. Jessica Fournier (2020) me “[¶6] On August 3, 2012, Fournier served Pollack and Quirion with a notice of claim pursuant to 14 M.R.S. § 1602-B (2020), which allows for the accrual of prejudgment interest from the date of service of the notice of claim “until the date on which an order of judgment is…”
Grande v. St. Paul Fire & Marine Insurance (2006) med “Grande claims prejudgment interest at the rate in Maine’s prejudgment interest statute, 14 M.R.S.A. § 1602-B. Pl.’s Post-Trial Br.”
Kaplan v. First Hartford Corp. (2009) med “14 M.R.S.A. § 1602-B; see also Crowe v. Bolduc, 365 F.”
— Me. Rev. Stat. tit. 14, § 1602-B(6) — 1 case
Kaplan v. First Hartford Corp. (2009) med “14 M.R.S.A. § 1602-B; see also Crowe v. Bolduc, 365 F.”
— Me. Rev. Stat. tit. 14, § 1602-B(7)(A) — 2 cases
Webber v. International Paper Co. (2004) med “§ 1602 (2002) mth 14 M.R.S.A. § 1602-B (2004). The new legislation “applies to judgments entered on or after July 1, 2003.”
The Elm Co., Inc. v. Beals (2004) mesuperct
— Me. Rev. Stat. tit. 14, § 1602-B(S) — 3 cases
Packgen, Inc. v. Bernstein Shur, Sawyer & Nelson (2017) mesuperct
Pilote v. Murphy (2017) mesuperct
Monaghan v. Blackston (2012) mesuperct
— Me. Rev. Stat. tit. 14, § 1602-B(l) — 1 case
Town of Anson v. Viles (2018) mesuperct
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.