![]() ![]() In most states and in judgments obtained in federal court, the interest rate is set by statute. First, a money judgment earns post-judgment interest on the outstanding balance of the judgment until it is paid in full. West Virginia money judgments have several components. ![]() In civil cases where there is no insurance coverage for the harm at issue, a money judgment, once issued by a court, remains to be collected by the prevailing party by using available post-trial procedures. It often is a money judgment, whereby one party is found by a court to owe money to the other party for damages caused by some harm, or breach of a contract. What Is a Money Judgment?Ī judgment is a court order that represents the court’s decision in a civil lawsuit. To make informed decisions in your case, it is critical to understand early in the dispute the law and procedure for obtaining and collecting a WV money judgment and how interest accrues. However, where the judgment debtor has no insurance, the prevailing party (judgment creditor) often must take steps to collect (secure payment) on the judgment. In these instances, or when judgment is rendered in a case in which insurance is available to pay the judgment, there is no need to attempt to collect the judgment. In civil cases where one or both of the parties involved in the matter have insurance coverage for the dispute, settlement-once reached-usually involves the payment of settlement proceeds to one of the parties by the other’s insurance company. Whether the matter is decided after a trial, the parties’ final outcome is memorialized in a judgment. When the parties do not settle the claims, the matter proceeds to trial, and the court or a jury must resolve the civil claim or claims. ![]() Most civil cases filed in West Virginia are settled before trial. #JUDGMENT MEANING SERIES#This is the first blog in a series covering basic information about the commercial collection process in West Virginia. Enforcing civil judgments in WV requires following the legal process for asserting a claim, obtaining a money judgment, and then taking steps to secure payment. ![]()
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