Bill 6 — Second Session, 20Th Legislature, 33 Elizabeth Ii the Legislative Assembly of Alberta Bill 6 Pre-Judgment Interest Act (Legislature 20, Session 2)

L20 S2 3478

Alberta — Bills

1984 BILL 6 Second Session, 20th Legislature, 33 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 6 PRE-JUDGMENT INTEREST ACT MR. STILES First Reading Second Reading Committee of the Whole Third Reading Royal Assent •H-flHffW -n- - flSfftfil'AVl.J

BiU 6 Mr. Stiles BILL 6 1984 PRE-JUDGMENT INTEREST ACT (Assented to , 1984) TABLE OF CONTENTS

Interpretation j Award of interest 2 Calculation of interest on general and special damages 3 Payment into court 4 Interest deemed part of judgment 5 Application 5 Regulations 7 Transitional g Amends RSA 1980 cJ-1 9 Amends RSA 1980 cM-21 1 o HER MAJESTY, by and with the advice and consent ofthe Legislative Assembly of Alberta, enacts as follows:

Interpretation 1 In this Act, (a) "interest rate" means the rate of interest published in The Alberta Gazette pursuant to

section 7; (b) "judgment" includes an order of a court. Award of interest 2(1) Where H pcrson obtaius a judgment for the payment of money or a judgment that money is owing, the court shall award interest on the judgment calculated in accordance with

section 3 or 4.

(2) The court shall not award interest under this Act (

a) on that part of a judgment that represents pecuniary loss aris ing after the day of judgment and that is identified by the court; (

b) on interest awarded under this Act; (

c) on exemplary or punitive damages; (

d) on an award of costs in the action; (

e) on money, or interest on that money, borrowed by a party to pay for expenses which are claimed as special damages; (

f) on money that is paid into court and accepted in satisfaction of a claim;

Calculation of interest on damages Payment into court Interest deemed part of judgment Application Regulations (

g) where the judgment is given on consent, unless agreed to by the parties; (

h) where there is an agreement between the parties respecting interest; (

i) where the payment of pre-judgment interest is otherwise pro- vided by law.

(3) Where it is proven to the satisfaction of the court that it is just to do so having regard to the circumstances, the court may, with respect to the whole or any part of the amount for which judgment is given, refuse to award interest, or award interest at a rate or for a period, or both, other than a rate or period determined pursuant to

section 7.

(4) In a jury trial, the judge shall exercise the powers of the court under this Act.

(5) In the case of a default judgment, the clerk of the court shall award interest calculated in accordance with this Act, but shall not exercise any discretion granted to the court under subsection (3). 3(1) The court shall calculate interest on general damages from the day on which loss or damage is first sustained to the day of judgment at the rate determined by averaging the interest rates in effect during that period.

(2) Where a judgment includes special damages, the court shall (

a) determine the total of the special damages incurred within the 3-month period commencing on the day on which a special damage is first sustained and within each subsequent 3-month period, and (

b) calculate interest from the last day of each 3-month period described in clause (

a) to the day of judgment, on the total ofthe special damages incurred within the 3-month period, at the in terest rate in effect on the last day of the 3-month period. 4 Where a party pays money into court in satisfaction of a claim and another party does not accept the payment and obtains a judg ment for an amount less than or equal to the amount paid into court, the court shall award interest (

a) from the day on which loss or damage is first sustained to the day of payment into court, calculated in accordance with

section 3, and (

b) from the day of payment into court to the day of judgment, in an amount equal to the actual interest eamed on the portion ofthe money paid into court that is equal to the amount ofthe judgment. 5 For the purpose of enforcing a judgment, interest awarded under this Act is included in the judgment. 6 The Crown is bound by this Act. 7(1) The Lieutenant Govemor in Council may make regulations re specting the method of determining and the frequency of publishing

Transitional Amends RSA 1980 cJ-1 interest rates and the periods with respect to which interest rates are in effect.

(2) Interest rates in accordance with the regulations shall be pub lished in The Alberta Gazette. 8 This Act does not apply to a cause of action that arises before April 1, 1984. 9

Section 15 ofthe Judicature Act is repealed. Amends 10 Scction ll(3)(

a) of the Motor Vehicle Accident Claims Act is RSA 1980 cM-21 repealed. In accordance with

section 4(1) ofthe

Interpretation Act, this Bill comes into force on the date it receives Royal Assent. Title: 1984 (20th, 2nd) Bill 6, Pre-Judgment Interest Act

Document details

Collection	Alberta — Bills
Citation	L20 S2 3478
Type	bill
Volume / chapter	L20 S2 3478
Language	en
Format	json
Source	PROVINCIAL
Identifier	07f66e7e4f9758efa203fc47ebfb6303d7366850

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