Iowa Code § 535.3

Section 535.3 allows interest on expenses incurred after an action begins only from the date each expense was incurred.

Sedco International, S. A. v. Cory · filed 1981-08-21

The Court does not believe that § 535.3 will be construed in such a way as to permit recovery of interest from the time of the commencement of the action on expenses incurred after the action was commenced. To do so would result in unjust enrichment of the plaintiff, who would in effect begin to recover interest on his money before he had even spent it. This result cannot have been in the contemplation of the legislature that enacted the new statute. The Court will allow recovery of interest at the legal rate on the post-July 21, 1978 expenditures only from the date each was made.

Section 535.3 permits interest calculated as a percentage of a judgment but does not govern borrowing costs claimed as substantive damages.

Metropolitan Transfer Station, Inc. v. Design Structures, Inc. · filed 1982-10-28

Initially, it is important to distinguish between interest as an item of damage or loss which is related to a substantive claim and interest based upon a percentage of the judgment as permitted under Iowa Code § 535.3 (1981). It is evident after an examination of plaintiff’s argument, the record, and section 535.3 that plaintiff is seeking interest related to a substantive claim which is not governed by section 535.3.

Section 535.3 governs the computation of interest on a damages award.

Mel Foster Co. Properties v. American Oil Co. · filed 1988-07-20

Interest on any award of damages will be computed in accordance with Iowa Code section 535.3 (1987).

Section 535.3’s amended interest rule applies to final judgments entered on or after January 1, 1981.

Rowen v. LeMars Mut. Ins. Co. of Iowa · filed 1984-04-11

We believe the amendment to section 535.3 was to apply to all final judgments entered on or after January 1, 1981. The present judgment is in that class. We therefore hold that the trial court erred in finding the statute inapplicable in the present case.

Section 535.3 entitles a plaintiff to interest on the portion of a judgment exceeding a workers' compensation insurer's lien.

Farris v. General Growth Development Corp. · filed 1984-06-26

Farris, pursuant to section 535.3, is entitled to interest on the excess of $240,000 over the amount of the lien, but it is the insurance carrier who is entitled to the interest on the workmen's compensation amount.

Section 535.3 provides that interest on judgments accrues from the date the action begins.

Fournier v. Fraternal Order of Eagles, Waterloo Aerie No. 764 · filed 1985-03-26

Iowa Code section 535.3 provides that interest on judgments accrues from the date of the commencement of the action. Since the judgment in this case was rendered after January 1, 1981, the statute controls.

Section 535.3 applies to equity actions, but does not allow interest on a decree requiring execution of a workers’ compensation settlement that still needs the Industrial Commissioner’s approval.

Dillon v. City of Davenport · filed 1985-04-17

The instant judgment is not the equivalent of a money judgment. The decree only calls for specific performance of the contract to make a written contract settling a workers’ compensation claim. Before this contract would become the equivalent of a money judgment, another condition must oceur-■the approval of the Industrial Commissioner pursuant to section 85.35. We cannot state with a degree of certainty that this will occur. Thus, we conclude that even if we liberally construe section 535.3, interest on this judgment and decree is not proper.

Section 535.3 provides that interest on a judgment runs at the legal rate from the judgment’s date until paid.

Kaiser Agricultural Chemicals, Inc. v. Peters · filed 1987-12-23

Interest on the judgment shall run at the legal rate for judgments from their respective dates until paid. Iowa Code § 535.3.

Section 535.3 does not provide interest when approval of a master’s report is not a money judgment.

McKenzie v. Eastern Iowa Tire, Inc. · filed 1989-11-22

Section 535.3 does not apply. The valuation of the stock and notes were determined in the master’s report. An award of interest for a prior period would result in a duplicate recovery. More importantly, there was no judgment on which interest could run. The approval of the master’s report was not the equivalent of a money judgment.

Section 535.3 permits a court to award interest on a property distribution judgment below the statutory rate when equity calls for it.

In re the Marriage of Pertzsch · filed 1989-11-27

Similarly, we believe that courts may award interest on property distribution awards less than that called for in Iowa Code section 535.3 if equity so dictates. Upon our review of the entire property division, we find that the interest rate awarded by the district court is equitable.

Section 535.3 allows interest on money due under court judgments and decrees, but does not authorize interest on an agency refund when the agency is prohibited by statute from paying it.

Iverson Construction, Inc. v. Department of Employment Services, Division of Job Service · filed 1989-12-20

Iverson urges it is entitled to legal interest under chapter 535 of the Iowa Code. By statute, interest shall be allowed on all money due on judgments and decrees of court. Iowa Code § 535.3. Interest accrues from the date of the commencement of the action. Id. We conclude the district court has no authority to enter a money judgment against the agency. On judicial review of agency action, the court cannot order or approve the payment of interest when the agency is prohibited by statute from paying interest.

Section 535.3 allows only simple interest on judgments and decrees, not compound interest.

Landals v. George A. Rolfes Co. · filed 1990-04-18

Because the statute does not provide for allowance of compound interest, we conclude it allows only simple interest on judgments and decrees of court.

Section 535.3 allows interest on a judgment or decree, but a lien that has not been reduced to judgment does not qualify.

Bernadine v. Feldhahn v. Leroy Feldhahn, Bernadine v. Feldhahn v. Leroy Feldhahn · filed 1991-04-12

For Bernadine to be entitled to interest under § 535.3, she must possess a judgment or decree of court in her favor. We do not believe that Bernadine’s lien against Brady Street constitutes such a judgment or decree as contemplated by the statute.

Section 535.3 allows interest on a reimbursement award from the date the claim was filed in probate.

City of Ames v. Ratliff · filed 1991-06-19

Pursuant to Iowa Code section 535.3, we award the City interest on this amount from the date the City filed its claim in probate.

Section 535.3 governs interest on a judgment, not interest claimed as consequential damages for lost income.

Renze Hybrids, Inc. v. Shell Oil Co. · filed 1988-02-23

The interest plaintiff was seeking is an element of consequential damages related to his substantive claim and is not interest on a judgment governed by Iowa Code section 535.3.

Section 535.3 supports interest on a debt at the contracted rate until judgment is entered.

Folkers v. Britt · filed 1990-06-20

Accordingly, the trial court ruled correctly in determining that interest on the debt the Britts owed the bank continued to accrue at the contracted rate until the entry of judgment.

Section 535.3 provides for interest on judgments, but its statutory interest does not apply when a finance charge under section 535.11(7) applies to the judgment.

Carson Grain & Implement, Inc. v. Dirks · filed 1990-06-26

We hold Iowa Code section 535.11(7) supersedes and preempts Iowa Code section 535.3 in this instance.

Section 535.3 governs prejudgment interest on an underinsured motorist judgment when chapter 668 does not apply, and that interest is not subject to the insurance policies’ coverage limits.

Vasquez v. LeMars Mutual Insurance Co. · filed 1991-11-20

In summary, the prejudgment interest provision of section 535.3, rather than section 668.13, applied to the judgment rendered here on the underinsured motorist claim. In addition, such prejudgment interest was not an element of damages subject to the combined limits of the underinsured motorist policies.

Section 535.3 governs interest on a judgment for uninsured motorist benefits because the insured’s claim against the insurer is contractual and is not brought under chapter 668.

Frunzar v. Allied Property & Casualty Insurance Co. · filed 1996-05-22

We conclude plaintiffs claim was not “brought pursuant to” Iowa Code chapter 668 and, therefore, the district court’s interest award pursuant to section 535.3 and the Vasquez case was correct.

Section 535.3 supplies the rate of interest on a judgment but does not govern entitlement to interest before a petition is filed.

Schimmelpfennig v. Eagle Nat. Assur. Corp. · filed 2002-04-03

We are convinced that neither section 668.13(1) nor section 535.3 governs the entitlement to interest from a point in time prior to the filing of a petition. ... The aggregated total shall draw interest from that date at the rate specified in section 535.3.

Section 535.3(1) provides for judgment interest on a cash award in a dissolution decree from the date of the decree.

In Re the Marriage of Keener · filed 2007-02-09(1)

We hold the $4,280,650 cash award to Jody shall bear 5.03% in annual interest from March 14, 2005, the date of the original dissolution decree. See Iowa Code §§ 535.3(1), 668.13(3). This interest shall be paid annually in addition to any principal paid.

Section 535.3 requires interest on criminal restitution orders because section 910.7A makes those orders judgments.

State of Iowa v. Hagen · filed 2013-11-22(1)

Restitution is a judgment and is enforceable “in the same manner as a civil judgment.” Id. § 910.7A(2). The State is correct that under Iowa Code section 535.3 “[i]nterest shall be allowed on all money due on judgments.”

Section 535.3(1) requires interest on money due on judgments and decrees at a rate calculated under section 668.13.

Hagen v. Siouxland Obstetrics & Gynecology, P.C. · filed 2014-05-30(1)

Under Iowa law, “[i]nterest shall be allowed on all money due on judgments and decrees of courts at a rate calculated according to section 668.13.... ” Iowa Code § 535.3(1). “Interest, except interest awarded for future damages, shall accrue from the date of the commencement of the action.” Iowa Code § 668.13(1). None of the damages awarded in this case were future damages. Thus, Hagen’s request for pre-judgment interest is granted, and such interest shall accrue from May 19, 2011, the day Hagen commenced this case (docket no. 1), and at the rate identified in Iowa Code § 668.13(3).

Section 535.3(1) allows interest on money due under judgments at a rate calculated under section 668.13; for this insurance contract judgment, the applicable rate was five percent.

National Surety Corporation, plaintiff-appellant/cross-appellee v. Westlake Investments, LLC, defendant-appellee/cross-a · filed 2015-10-28(1)

Iowa Code section 535.3(1) provides, in relevant part: “Interest shall be allowed on all money due on judgments and decrees of courts at a rate calculated according to section 668.13 . . . .” ... Accordingly, the district court erred in declining to use the default interest rate of five percent to the judgment entered here, accruing from October 27, 2011.

Section 535.3(1) requires interest to be added to each judgment from the date the action commenced.

Alice M. Shea, plaintiff-appellant/cross-appellee v. Theresa Lorenz, Kristin Ostrander, Valerie Bisanz, Thomas Lorenz, a · filed 2017-10-25(1)

However, we do direct that interest under section 535.3(1) be added to the amount of each judgment that was previously entered and said interest should accrue from the date the action was commenced.

Section 535.3(1) requires an equalization payment entered as a judgment to bear interest at the statutory rate.

In re the Marriage of Monahan · filed 2018-09-26(1)

We do modify the decree to provide the equalization payment shall be entered as a judgment and shall bear interest at the statutory rate as set forth in Iowa Code section 535.3(1).

Section 535.3 requires interest on money due under a judgment at the rate calculated under section 668.13. When an accepted offer to confess judgment is silent on prejudgment interest, statutory interest begins on the judgment date.

CSS2 ENTERPRISE, INC. v. FARMERS COOPERATIVE COMPANY · filed 2015-08-19

As noted above, Iowa Code section 535.3 states interest “shall be allowed on all money due on judgments . . . of courts at a rate calculated according to section 668.13.” ... Because “there is no agreement as to prejudgment interest” between the Coop and CSS2, we “will not impose terms,” and the parties’ agreed-to judgment amount draws “statutory interest from the date of the judgment only.”

Section 535.3 requires interest on a judgment even when the plaintiff did not request it.

Miller v. Bonar · filed 1983-08-17

However, defendants’ argument that interest must be requested before it is allowed under section 535.3 is without merit.

Section 535.3 requires interest on a judgment to accrue from the commencement of the action even when no party requested interest.

Oskaloosa Food Products Corp. v. Aetna Casualty & Surety Co. · filed 1983-08-17

Thus, we conclude that even when no request for interest is made, section 535.3, as amended, requires that “interest shall accrue from the date of the commencement of the action.”

Section 535.3 authorizes prejudgment interest from the date the action begins.

Weitz Co. v. Mo-Kan Carpet, Inc. · filed 1983-12-29

Federal law, however, is silent on the issue of prejudgment interest, see 28 U.S. C.A. § 1961(a), whereas Iowa law authorizes interest “from the date of the commencement of the action,” Iowa Code § 535.3.

Section 535.3 generally provides for prejudgment interest, but section 25A.4 bars it in tort claims against the State.

Balster v. State · filed 1985-01-16

As such, it prevails over section 535.3, which treats prejudgment interest generally.

Section 535.3 allows prejudgment interest on the net judgment after reductions for the plaintiff's fault and any pro tanto setoff.

Duggan v. Hallmark Pool Manufacturing Co. · filed 1986-12-17

Iowa Code section 535.3 (1985) allows interest on “judgments,” not on verdicts. Judgment is the net amount of damage owed, after the verdict is reduced by any amount of plaintiffs percentage of the fault and by any pro tanto setoff.

Section 535.3 authorizes prejudgment interest accruing from the date an action is commenced.

Todd Farm Corporation v. Navistar International Corporation · filed 1987-12-30

Iowa law authorizes prejudgment interest accruing from the date the action is commenced. See Iowa Code § 535.3 (1987).

Section 535.3 allows prejudgment interest on damage awards but excludes punitive damage awards.

Peterson v. First National Bank of Iowa · filed 1988-03-09

Iowa Code section 535.3 does allow prejudgment interest on damage awards, but punitive damage awards are not included.

Section 535.3 compensates injured plaintiffs for delay in receiving payment but does not, by itself, require an insurer to pay prejudgment interest beyond policy limits.

Farm Bureau Mutual Insurance Co. v. Milne · filed 1988-05-11

Section 535.3 clearly manifests a legislative intent to compensate injured plaintiffs for delay in receiving their just compensation. But in the absence of an express policy provision or circumstances which justify shifting this responsibility from the insured to the insurer, we think the plain language of the policy limiting the insurer’s liability for such damages must prevail.

Section 535.3 requires prejudgment interest from the commencement of an action and does not allow a court to suspend it because of delay or a continuance.

Mermigis v. Servicemaster Industries, Inc. · filed 1989-03-22

Neither may the district court withhold interest as a sanction for delay or as a condition for granting a continuance under Iowa Rule of Civil Procedure 215.1.

Section 535.3 allows interest on severance damages from the date they became due, even if the complaint was filed later.

Chard v. Iowa MacHinery & Supply Co. · filed 1989-07-26

In interpreting Iowa Code section 535.3, the court stated: ... It is uncontroverted Chard was fired on May 5, 1985. His damages under the severance clause of the contract were due to him then. Therefore, we find the trial court correctly computed the interest from the date of termination, not from the date on which the complaint was filed.

Before the 1987 amendment, section 535.3 allowed interest on future damages from the commencement of suit.

Thornton v. Guthrie County Rural Electric Cooperative Ass'n · filed 1991-04-22

... (which, like the present case, interpreted Iowa Code section 535.3 as it existed prior to the 1987 amendment) we approved assessment of interest on future damages from commencement of suit. That is what the trial court did here. ... There was no error in allowing interest on future damages from commencement of suit.

Section 535.3 does not authorize prejudgment interest on a consumer fraud restitution award when individual amounts remain undetermined and claimants receive no personal judgments.

State Ex Rel. Miller v. Santa Rosa Sales & Marketing · filed 1991-09-18

At the time of the judgment, individual amounts recoverable had not been determined and the claimants did not receive personal judgments. Under these circumstances, we decline to infer that this judgment for restitution is a “judgment” or “decree” within the meaning and terms of section 535.3. Thus, we hold that the trial court’s award of prejudgment interest on the restitution award was improper.

Section 535.3 provides for interest on a damages award from the date the action commenced.

Nemmers v. City of Dubuque · filed 1985-06-11

We remand to the district court for entry of an order awarding Nemmers $89,812.35 in damages plus interest from the date of the commencement of the action pursuant to Iowa Code Section 535.3 and $11,901 in expert witness fees.

Section 535.3 provides for interest on a damages award from the date the action commenced.

Nemmers v. City of Dubuque · filed 1985-08-29

We remand to the district court for entry of an order awarding Nemmers $89,812.35 in damages plus interest from the date of the commencement of the action pursuant to Iowa Code Section 535.3 and $11,901 in expert witness fees.

Section 535.3 provides interest from the date an action is commenced.

American Trust & Savings Bank v. United States Fidelity & Guaranty Co. · filed 1988-02-17

From the date the action was commenced the bank is entitled to the interest under Iowa Code section 535.3.

Section 535.3 provides interest from the date an action to recover under a banker's blanket bond is commenced.

America Tr. & Sav. v. Fidelity & Guar. · filed 1988-02-22

From the date the action was commenced the bank is entitled to the interest under Iowa Code section 535.3.

Section 535.3 entitles a buyer to interest on a damages recovery from the date the action begins.

Nachazel v. Miraco Mfg. · filed 1988-11-23

The buyer is entitled to interest on this recovery from the date of the commencement of the action. Iowa Code § 535.3 (1985).

Under the applicable version of section 535.3, interest on a property damage judgment accrues from the start of the action for repair costs, consequential lost profits, and future expenses.

Mercy Hospital v. Hansen, Lind & Meyer, P.C. · filed 1990-05-23

We do not agree that interest on the judgment for repair costs should only accrue from the date the expenditures were made, rather than from the date of commencement of the action. ... We also think that the district court correctly assessed interest from the date of commencement of the action on those portions of the judgment compensating Mercy for the profits lost during the repair period. ... Future damages are not excepted from the plain language of section 535.3 as it applies to this case.

Section 535.3 does not address interest before an action is filed, so a court may award it in equity to restore the parties to their former positions.

Folkers v. Southwest Leasing · filed 1988-08-24

It has been asserted that this does not comply with the last sentence of Iowa Code section 535.3: “interest shall accrue from the date of the commencement of the action.” However, this Code section does not address pre-filing interest. Since the purpose of rescission is to return the parties to the status quo, a court in equity may adjust the award to accomplish that goal.

Section 535.3 provides that interest on money judgments and decrees accrues from the commencement of the action.

Dickenson v. John Deere Products Engineering · filed 1986-06-25

Section 535.3, amended in 1980, provides that interest in all money judgments and decrees accrues from commencement of the action.

Section 535.3 starts interest owed by an underinsurance carrier on the date the insured sues that carrier.

Houselog v. Milwaukee Guardian Insurance · filed 1991-07-17

The interest now owed by Milwaukee on the judgment to which the underinsurance coverage applies commenced on December 15, 1988, the date the Houselogs sued Milwaukee. This is determined by Iowa Code section 535.3.

Section 535.3 does not allow prejudgment interest on accelerated lease payments when the creditor receives its principal earlier than the contract provides.

Citicorp of North America, Inc. v. Lifestyle Communications Corp. · filed 1993-10-27

The court declines to award prejudgment interest on Citicorp’s judgment. Because Citicorp has been permitted to accelerate the payments due under the lease, it has received its principal before it otherwise would have under the contract. The court, therefore, concludes that it would be unfair and beyond the intent of Iowa Code § 535.3 (1993) to award prejudgment interest.

Section 535.3 generally requires interest on judgments from the date the action begins, even when damages for an earlier injury have not yet been fixed in a specific sum.

Barske v. Rockwell International Corp. · filed 1994-04-20

Here plaintiffs were injured at the time they were laid-off, even though their damages were not yet fixed in specific sums. ... However, the plain language of the statute allows interest to accrue from the date of the commencement of the action.

Section 535.3 generally requires prejudgment interest from the start of an action, but permits an exception where lengthy proceedings, a substantial award, and damages that could not be estimated at the outset make interest inequitable.

Pioneer Hi-Bred International v. Holden Foundation Seeds, Inc. · filed 1994-07-12

However, like the district court, we believe that the Iowa Supreme Court would create another exception if presented with the unique circumstances of this ease, particularly the inherent length of the proceedings (admittedly beyond. Holden’s control), the substantial amount of the award and the inability to determine at the outset even the roughest estimate of damages in furtherance of settlement. Thus, we reject Pioneer’s cross-appeal from the district court’s denial of prejudgment interest.

Section 535.3 allows interest on a monetary award in a divorce decree only from the date the award becomes due.

Hunt v. Kinney · filed 1991-12-24

We believe that the plain wording of section 535.3 is that interest would not be payable from the date of the decree but only from the date that the judgment became due.

Section 535.3 allows interest on a judgment from the filing of the petition on the claim for which that judgment is entered, not from the filing of a separate lawsuit.

Cincinnati Ins. Co. v. Konicek · filed 1993-07-21

It allows interest on judgments only from the date of the filing of the petition on the claim for which judgment is entered, not from the date of the filing of a separate lawsuit, such as Konicek’s third-party claim in the present case.

Section 535.3 allows interest to accrue from the date of filing even when the amount becomes due only at judgment.

Ezzone v. Riccardi · filed 1994-12-15

Iowa Code § 535.3 allows interest to accrue from date of filing regardless of whether it only became due at time of judgment.

Section 535.3 allows prejudgment interest on backpay and emotional-distress awards under the Iowa Civil Rights Act.

Madison v. IBP, Inc. · filed 1999-12-28

G. Prejudgment interest is awarded on the sex-discrimination backpay and emotional-distress awards pursuant to Iowa Code § 535.3 from the date of the commencement of this action, September 18, 1996, at the statutory rate set by Iowa Code § 668.13(3).

Section 535.3(1) generally requires prejudgment interest on Iowa claims, but permits exceptions when an award would serve little purpose or be inequitable.

EFCO Corp. v. Symons Corp. · filed 2000-07-18(1)

The applicable statute in force at the time of this action provided for prejudgment interest on all Iowa claims. See Iowa Code § 535.3(1) (1997). This statutory scheme has been considered by Iowa courts as mandating prejudgment interest on the overwhelming majority of claims, with only a few specific exceptions. ... However, together the factors convince us that the goals of prejudgment interest would not be served by granting such an award in this case. The district court's denial of prejudgment interest is consistent with our decision in Pioneer Hi-Bred, and will not be disturbed.

Section 535.3(1) allows prejudgment interest on an added claim from the date the claim was asserted when it does not relate back to the original complaint.

Jeanes v. Allied Life Ins. Co. · filed 2002-08-23(1)

The applicable Iowa statute provides: “Interest shall be allowed on all money due on judgments and decrees of courts at the rate of ten percent per year . . . . The interest shall accrue from the date of commencement of the action.” Iowa Code § 535.3(1). Here, the Wage Payment Collection Law claims do not relate back to the filing of the original complaint because they concern post-litigation conduct of ALLIED that was unrelated to ALLIED’s pre-termination conduct upon which the initial claims were based. Compare Beeck v. Aquaslide ‘N’ Dive Corp., 350 N.W.2d 149, 168-69 (Iowa 1984). Thus, prejudgment interest may only be awarded from February 12, 2001.

Section 535.3(1) allows prejudgment interest on a later-added claim from the date that claim is asserted when it does not relate back to the original complaint.

Shawn C. Jeanes Wayne Mains v. Allied Life Insurance Company · filed 2002-08-23(1)

Here, the Wage Payment Collection Law claims do not relate back to the filing of the original complaint because they concern post-litigation conduct of ALLIED that was unrelated to ALLIED’s pre-termination conduct upon which the initial claims were based. ... Thus, prejudgment interest may only be awarded from February 12, 2001.

Section 535.3 provides for prejudgment interest in addition to the stated damages award.

DePape v. Trinity Health Systems, Inc. · filed 2003-01-20

THEREFORE, upon consideration of the evidence and the parties’ arguments, the court finds (1) that there is no basis in fact or in law to hold Trinity or Trimark liable for Dr. dePape’s damages; and (2) that Blumenfeld was extraordinarily negligent in failing to inform and communicate with Dr. dePape concerning his immigration and in counseling him to perpetrate a fraud on the INS in order to gain entry to the United States; and (3) that, as a result of the damages caused by this negligence, Dr. dePape is entitled to recover from defendant Blumenfeld a total of $278,736.20 USD for his lost income and emotional distress, exclusive of prejudgment interest, as provided for by Iowa Code § 535.3.

Section 535.3 requires prejudgment interest on awards for backpay, past emotional distress, and past medical expenses.

Baker v. John Morrell & Co. · filed 2003-06-11

In order to fully compensate Baker and because of the mandatory nature of the Iowa statutory provision concerning interest on judgments, Baker’s request for prejudgment interest for backpay, past emotional distress awards, and past medical expenses is granted.

Section 535.3 does not allow prejudgment interest on damages that were not awarded.

Raper v. State · filed 2004-10-06

The fallacy of this argument is the district court did not award the peace officers any damages under chapter 91A. Therefore, we cannot award prejudgment interest under section 535.3 to an award of damages the district court did not make.

Section 535.3 does not provide prejudgment interest under chapter 91A when no damages were awarded under that chapter.

Kennedy v. State · filed 2004-10-06

We cannot award prejudgment interest provided for under section 535.3, because the district court did not award any damages under chapter 91A.

Section 535.3 provides for statutory interest on a contract judgment when the contract does not specify a prejudgment interest rate.

Farm & Ranch Services, Ltd. v. LT Farm & Ranch, LLC · filed 2011-03-11

There, is also no provision in the contracts for sixteen percent pre-judgment interest. The liquidated damages provision includes a sixteen percent add-on above the delinquent periodic payments, but that is a lump sum. TIB will receive pre-judgment interest at the rate provided in the Iowa Code and post-judgment interest as provided by federal law. 28 U.S.C. § 1961; Iowa Code §§ 535.3, 668.13.

Section 535.3(1) permits prejudgment interest on past emotional distress damages, medical expenses, and back pay awarded under the Iowa Civil Rights Act.

Gilster v. Primebank · filed 2012-08-14(1)

Thus, I award prejudgment interest on the jury’s awards of past emotional distress damages, medical expenses, and back pay.

Section 535.3 provides the statutory interest rate for a judgment when the contractual interest rate does not apply.

Agrifund, LLC v. Heartland Co-op · filed 2021-08-05

The district court awarded Agrifund $115,081.14 in damages plus pre-judgment interest, at the Iowa statutory rate, see Iowa Code §§ 535.3 and 668.13, and post-judgment interest, at the federal rate, see 28 U.S.C. § 1961. ... The 14% contractual interest rate does not apply to the damages award, and the district court properly awarded pre-judgment interest at the rate required by Iowa law and post-judgment interest at the federal rate.

Section 535.3(1)(a) provides for prejudgment interest from the commencement of an action on a contract claim.

InterCon Construction, Inc. v. TEAM Industrial Services, Inc. · filed 2023-03-08(1)(a)

By statute, interest accrues from commencement of the action and is “calculated . . . at a rate equal to the one-year treasury constant maturity published by the federal reserve in the H15 report settled immediately prior to the date of the judgment plus two percent.”

Section 535.3(1) allows interest on money due under judgments and decrees at a rate calculated under section 668.13.

The United Mexican States v. Nelson · filed 2023-03-23(1)

Iowa Code Section 535.3(1) states: “Interest shall be allowed on all money due on judgments and decrees of courts at a rate calculated according to section 668.13[.]” ... Mexico is therefore entitled to prejudgment interest at the rate of 2.17% per annum.

Section 535.3 allows interest from the date an action begins when a claimant sues a state employee personally, but a claimant who elects to sue the State under chapter 25A must forgo that interest against the employee.

Starlin v. State · filed 1989-10-24

Plaintiff could have elected to sue Snyder personally, without joining the State, and recover interest from the date of filing. ... Consequently, in electing to sue the State, plaintiff must forego his claim for interest against Snyder.

Section 535.3(1) governs interest on Iowa judgments and sets the rate by reference to section 668.13.

Purina Mills, L.L.C. v. Less · filed 2003-12-22(1)

As stated by section 535.3(1), the appropriate interest rate is calculated under 668.13, which reads in pertinent part: ... Accordingly, prejudgment interest at a rate of 3.24% per annum is awarded to Purina as to the damages awarded under § 2-709, and the portion of the damage award for the Lesses’ repudiation under § 2-708(2) that does not represent future damages, from the date the suit was commenced on October 28, 2002.

Section 535.3 does not require prejudgment interest on an equitable distribution of marital property under section 598.21(1).

In Re the Marriage of Baculis · filed 1988-10-19

We conclude that section 535.3 is a general statute and, in the present case, is in conflict with section 598.21(1), a specific statute for the disposition of marital property. Therefore, the rule set out in Iowa Code section 4.7 applies, excepting the use of the prejudgment interest portion of section 535.3 in cases determining the equitable distribution of property under section 598.21(1).

Section 535.3(1)(a) requires interest on an installment equalization payment only when the payment becomes due, not from the date of the decree.

In re the Marriage of Baedke · filed 2024-08-07(1)(a)

So because the annual equalization payments did not become due until each following year, the statute does not require interest to be included from the date of the decree.

Section 535.3 supplies the statutory interest rate for a converted check, with interest running from the date of conversion.

Phariss v. Eddy · filed 1991-10-29

We affirm the trial court and find Phariss is entitled to interest at the statutory rate from the date of conversion, August 1, 1983.

Section 535.3 allows interest on compensatory damages from the date the action begins, while interest on punitive damages begins when judgment is entered.

Hagan v. Val-Hi, Inc. · filed 1992-04-15

Since 1981, Iowa Code section 535.3 has provided that “interest shall be allowed on all money due on judgments ... at the rate of ten percent per year.... The interest shall accrue from the date of the commencement of the action.” ... Interest on punitive or exemplary damages accrues only after the date the judgment is entered.

Section 535.3 does not allow interest on punitive damages to run from the date the petition was filed.

Nassen v. National States Insurance Co. · filed 1992-12-23

As a final matter, we consider plaintiff’s additional argument on cross-appeal that interest on the punitive damage award should run from the date upon which her petition was filed. To adopt that position would require us to overrule our decision in Midwest Management Corp. v. Stephens, 353 N.W.2d 76, 82 (Iowa 1984). Several sessions of the legislature have convened since our decision in Midwest Management interpreting the effect of Iowa Code section 535.3 on punitive damage awards. No action has been taken by the legislature to establish a different rule for paying interest on punitive damage awards. Consequently, we decline to overrule Midwest Management on this question.

Section 535.3 requires interest from the date of filing on all damages, including future injury and expenses, when the section governs the action.

Mossman v. Amana Society · filed 1993-01-20

Because Mossman’s cause of action accrued and commenced against both defendants before the effective date of section 668.13, section 535.3 governs the assessment of interest. That means interest must be computed on all damages, including compensation for the present value of future injury and expenses, from the date of filing.

Section 535.3 does not allow interest on punitive damages from the date an action is filed because the plaintiff is not yet entitled to those damages.

Wilson v. IBP, Inc. · filed 1999-02-17

However, those cases must be considered in light of the specific issues raised in them: whether interest accrued at the time the action was filed as provided by Iowa Code section 535.3. We held it did not, presumably because the plaintiffs entitlement to punitive damages was too uncertain at the time of filing.

Section 535.3 does not govern judgment interest when fault is apportioned under chapter 668; section 668.13(3) supplies the method.

Guzman v. Des Moines Hotel Partners · filed 1992-07-22

The plaintiffs contend that judgment should be entered from the date of the filing of the action pursuant to Iowa Code section 535.3. As we have concluded, however, this case is subject to apportionment of fault under Iowa Code chapter 668 and, pursuant to section 668.13(3), a different method of computing interest is required.

Section 535.3’s general judgment interest rate does not apply to judgments governed by the comparative fault interest provision in section 668.13.

Long v. Jensen · filed 1994-10-19

The trial court awarded interest from the date of filing on plaintiffs judgment according to the general interest statute, Iowa Code § 535.3 (1991), which states that the interest rate shall be ten percent unless the contract fixes a different rate. ... The trial court erred in awarding interest under the general statute, which states that “[t]his section does not apply to the award of interest for judgments and decrees subject to section 668.13.” Iowa Code § 635.3. Because comparative fault was applicable, interest should have been allowed pursuant to chapter 668.

Section 535.3 does not apply to interest on judgments subject to section 668.13.

Freeman v. Ernst & Young · filed 1995-12-20

Iowa Code § 535.3 provides, however, that it does not “apply to the award of interest for judgments and decrees subject to section 668.13.”

Section 535.3 does not allow prefiling interest on an unliquidated claim when the damages were not complete at a particular time and their amount remained genuinely disputed.

Brenton National Bank of Des Moines v. Ross · filed 1992-09-29

Brenton’s claim, however, does not appear to us to come within this exception. The damages were not complete at a particular time. ... We conclude the district court properly denied prefiling interest with regard to the sale of Upper Ranch.

Section 535.3 generally starts interest on judgments when the action begins, but prefiling interest may be allowed when damages became complete earlier.

Flom v. Stahly · filed 1997-09-17

Although Iowa Code section 535.3 provides that interest on judgments shall accrue from the date of the commencement of the action, we recognize an exception to this rule and allow prefiling interest from a time prior to filing of the petition when damages become complete at an earlier particular time. ... We agree with the trial court that this case does not fall within the exception to Iowa Code section 535.3 and therefore find no error in denying prefiling interest.

Section 535.3 calls for principal and accrued interest to be aggregated as of the petition filing date, with judgment interest imposed on that sum.

Federal Land Bank of Omaha v. Woods · filed 1994-07-27

Decretal interest under section 535.3 is then imposed on that aggregate. Prior to the 1980 amendment to section 535.3, which provides that interest on the judgment relates back to the date of the filing of the petition, the time for aggregation of principal and accrued interest was the date of judgment. Since that amendment, this aggregation more properly should take place as of the date of filing and accrued interest should be computed only to that date.

Section 535.3 does not provide interest on a judicial review decision directing an agency to pay money when no court judgment for payment has been entered.

Iowa West Racing Ass'n v. Iowa Racing & Gaming Commission · filed 1998-05-28

At the conclusion of that action, there was no judgment spread on the records of the district court upon which section 535.3 could operate.

Section 535.3 allows interest on money due under a judgment at the rate determined by section 668.13, including a rate fixed by the contract on which the judgment is based.

Hog Slat v. Ebert · filed 2002-04-11

Iowa Code § 535.3 provides "[i]nterest shall be allowed on all money due on judgments and decrees of courts at a rate calculated according to section 668.13. . . ." Section 668.13.2 in turn provides "[i]f the interest rate is fixed by a contract on which the judgment or decree is rendered, the interest allowed shall be at the rate expressed in the contract. . . ." ... Because the court awarded Hog Slat prejudgment interest at a rate expressly provided for in the contract, we discern no error.

Section 535.3(1) directs courts to section 668.13 to set judgment interest; the contractual rate applies to late rent when section 535.2 does not limit it.

Robert W. Davis and Kirk K. Peterson v. American International Bridge, Inc., Anfu Wang and Chun Ling Lu · filed 2017-11-08(1)

Iowa Code section 535.3(1) provides interest on judgments (except in workers’ compensation cases) will be calculated at a rate set by section 668.13. See Iowa Code § 535.3(1). Section 668.13(2) provides judgment interest, when set by a contract, will be the rate set by the contract, provided that rate does not exceed the maximum allowable by section 535.2. Section 535.2(7) states: “This section does not apply to a charge imposed for late payment of rent.” Because section 535.2 is inapplicable, the contract rate controls. The district court did not err in setting interest on the judgment at the contract rate.

Section 535.3(1) incorporates the interest rate in section 668.13, but interest on the aggregate judgment begins only when judgment is entered.

Opperman v. Allied Mutual Insurance Co. · filed 2002-10-09(1)

We recognized in Schimmelpfennig v. Eagle National Assurance Corp., 641 N.W.2d 814, 815 (Iowa 2002), that section 535.3 incorporates by reference the rate of interest provided in section 668.13, but does not incorporate the provision of section 668.13, which provides that interest shall accrue from the date of the commencement of the action. Consequently, the aggregate judgment, which includes interest on the past tort damages, computed pursuant to section 668.13, only draws interest from the date that the judgment is entered.

Section 535.3 provides for postjudgment interest on a civil money judgment, including accumulated prejudgment interest incorporated into that judgment.

Wilson v. Farm Bureau Mutual Insurance Co. · filed 2009-07-31(1)

When judgment was entered in the underlying tort lawsuit on February 6, 2002, the accumulated prejudgment interest was aggregated with the tort judgment and the aggregated judgment began to draw post-judgment interest under Iowa Code section 535.3, just like any civil judgment. Postjudgment interest accumulated on the tort judgment until those sums became the measure of damages in this contract lawsuit on July 3, 2006. As of July 3, 2006, the aggregated tort judgment and accumulated postjudgment interest were again aggregated and began to draw interest under Iowa Code section 535.3.

Section 535.3 makes a civil money judgment accrue postjudgment interest on damages and prejudgment interest aggregated into that judgment.

Wilson Vs. Farm Bureau Mutual Insurance Company · filed 2009-07-31

On the date of judgment in the tort lawsuit, the interest was aggregated with the damages and began to draw interest as calculated by Iowa Code section 535.3, in the same way as any civil money judgment.

Section 535.3(2) imposes ten percent annual interest on a child support payment only after it is more than thirty days overdue.

Consuela M. Brown v. Roquet · filed 2020-02-19(2)

We conclude, based on the plain language of the statute, that the court should have imposed a ten percent interest rate. That said, this interest rate applies only if Steven should become more than thirty days delinquent on a monthly payment.

Section 535.3 sets the maximum interest allowed on a judgment for support arrearages.

Leitch v. Leitch · filed 1986-03-14

The interest provided in the district court’s judgment appears to be less than the maximum permitted under Iowa Code section 535.3. ... The district court did not err in ordering respondent to pay interest on the arrearages found to exist on the Canadian judgment.