By: Charles B. Jimerson, Esq. and Kelly A. Karstaedt, Esq.
The trend in Florida over the last thirty years has been changing from simple static interest rates for judgments entered in this state towards a more complex variable rate. A recent amendment to the state law dictating statutory interest rates has many wondering what prompted such a drastic change to the norm. Now, instead of the statutory interest rate changing once per year it will change four times per year. Further, the rate of interest on a judgment is no longer established by the rate at the time it was entered. It appears that the trend in Florida is now shifting away from the simplicity it once knew.