Mo. Rev. Stat. § 408.020

Section 408.020 allows nine percent annual prejudgment interest on a liquidated amount due when no other rate applies and the creditor demands payment; an invoice can make that demand.

Jacobson Warehouse Co., Inc. v. Schnuck Markets, Inc. · filed 2020-02-20

The Court finds the amount of payment due under the XPO invoices was fixed and determined; therefore, XPO’s claim is one for which prejudgment interest may be awarded. ... The Court finds that XPO made its demands by sending Schnucks invoices for payments. ... XPO is entitled to prejudgment interest at the statutory rate of nine percent per annum, accruing immediately after the payment due date per XPO’s invoices through the date of judgment, August 1, 2019.

Section 408.020 provides nine percent annual prejudgment interest when no other rate is agreed upon, beginning once the creditor makes a demand definite in amount.

Communications Unlimited Contracting Services, Inc. v. Broadband Infrastructure Connection, LLC · filed 2021-09-01

The Court therefore concludes that pre-judgment interest began to accrue only once Plaintiffs perfected their demand by specifying the amount of the claim, notwithstanding Plaintiffs’ good faith reason for delay.

Section 408.020 requires liquidated damages for prejudgment interest, but an agreed contractual interest rate controls over the statutory rate.

Vogt v. State Farm Life Insurance Comp · filed 2021-12-08

Thus, our recognition that an award of prejudgment interest required the presence of liquidated damages, coupled with our statement that Vogt is entitled to prejudgment interest, conclusively determined that the damages were liquidated.

Section 408.020 compels prejudgment interest on a liquidated claim after a demand for payment.

DRE Health Corporation v. BRM Trades, LLC · filed 2022-09-27

As § 408.020 applies, an award of prejudgment interest is compelled by Missouri law. Accordingly, the Court finds that BRM Trades is entitled to an award of prejudgment interest in the amount of $225,000.

Section 408.020 allows a contract creditor to recover nine percent annual prejudgment interest on an amount due and reasonably ascertainable after demanding payment.

Minnesota Life Insurance Company v. Lenox · filed 2025-01-30

In Missouri, a contract creditor may obtain pre-judgment interest of nine percent per annum after payment becomes due and the creditor demands payment. Mo. Rev. Stat. § 408.020. ... Thus, the Court awards Schrader pre-judgment interest of nine percent per annum, from October 7, 2022, until November 6, 2024—the day that Minnesota Life deposited the policy proceeds into the Court’s registry.

Section 408.020 permits prejudgment interest on quantum meruit damages when the amount due is liquidated or readily ascertainable by recognized standards.

Kisco Company, Inc., Appellant/cross-Appellee v. Verson Allsteel Press Company, Appellee/cross-Appellant · filed 1984-06-30

Its opinion does not reflect whether it determined such damages to be liquidated or readily ascertainable by reference to recognized standards. We believe that the district court should make further factual findings as to these issues. We therefore remand to the district court for further consideration of the issues underlying the award of prejudgment interest and whether, in light of the findings, such an award is appropriate.

Section 408.020 provides for prejudgment interest on the amount a garnishee is liable to remit.

Aly v. Hanzada for Import & Export Company, LTD · filed 2019-06-10

Because it failed to do so, it violated the writ and is liable to Aly in the amount of $680,046.50, plus prejudgment interest and costs. See Fed. R. Civ. P. 54(d); Mo. Rev. Stat. §§ 408.020, 525.250; see also Stevens v. Gwathmey, 6 Mo. 536, 642-43 (1845).

Section 408.020 provides nine percent annual prejudgment interest on money due under a written contract when no other rate is agreed upon and payment has been demanded.

Dinosaur Merchant Bank Limited v. Bancservices International LLC · filed 2020-06-26

Mo. Rev. Stat. § 408.020 allows creditors “to receive interest at the rate of nine percent per annum, when no other rate is agreed upon, for all moneys after they become due and payable, on written contracts,…and demand of payment is made[.]” BSI does not dispute that Dinosaur is entitled to recover pre-judgment interest. “The award of prejudgment interest in a case in which § 408.020 is applicable is not a matter of court discretion; it is compelled.” Watters v. Travel Guard Int’l, 136 S.W.3d 100, 112 (Mo. Ct. App. 2004). A Writ of Garnishment was entered on May 28, 2020, which included $431,195.67 for prejudgment interest.

Section 408.020 supplies the legal interest rate on overdue installments: 6% under the 1978 version and 9% under the 1982 supplement.

Heath v. Spitzmiller · filed 1983-12-16

The payments for August 1 and September 1, 1979 bear interest at 6% per annum, see § 408.020, RSMo 1978, and payments not timely made thereafter bear interest at 9% per annum. See § 408.020, RSMo Supp. 1982.

Section 408.020 provides six percent interest on each overdue rent and utility payment under the 1978 version.

Windsor Real Estate & Mortgage Co. v. Ruma · filed 1984-07-17

Six percent interest on each rental and utility payment after it became due (pursuant to Section 408.020 RSMo 1978).

Section 408.020 provides 9 percent annual interest on overdue installment payments from the date each payment was due.

Estate of Smith · filed 1989-03-14

The estate is entitled to $36,000 for the payments due for the years 1983 through 1988 and interest accruing at the rate of 9 percent per annum from the date each payment was due.

Section 408.020 permits prejudgment interest in an insurance case only when the pleadings raise the issue and include the facts needed for the award.

Folk v. Countryside Casualty Co. · filed 1985-02-26

Implicit in this court’s holding is the requirement that the issue of prejudgment interest appear in the pleadings. ... All the facts necessary for an award of prejudgment interest were not included in the pleadings. ... We hold that plaintiffs recovery is limited by her petition and therefore, the award of prejudgment interest was erroneous.

Section 408.020 allows a prejudgment interest claim when the pleading alleges a demand for payment and requests interest, even without stating the date of demand.

Vogel v. Lake Timberline Property Owners Voluntary Ass'n, Inc. · filed 1987-12-22

Here, the body of the petition, in paragraph 6, alleged that a demand for payment has been made. The prayer asked for interest from December 4, 1974. Considered together, we believe that Vogel sufficiently made a claim for interest. All of the facts necessary for an award of prejudgment interest were included in the pleadings.

Section 408.020 prejudgment interest need not be specifically pleaded.

Gibson v. Musil · filed 1994-01-31

The above line of eases convinces the Court that there is not a requirement under Missouri law that Section 408.020 be specifically pled.

Section 408.020 does not require a hearing when no further evidence is needed to establish entitlement to prejudgment interest or its amount, and does not require the debtor to have access to or use of the funds.

J.R. Waymire Co. v. Antares Corp. · filed 1998-09-01

While the trial court did not order a hearing before awarding prejudgment interest to J.R. Waymire, a hearing is not required under section 408.020 before prejudgment interest may be awarded where no additional evidence is necessary to establish entitlement to the commission or the amount. Similarly, no requirement under section 408.020 exists, as suggested by Antares, that it have access to or use of the funds during the prejudgment period before prejudgment interest may be awarded.

Section 408.020 sets a nine percent annual rate for interest after a note matures when the note specifies no post-maturity rate.

Henty Construction Co. v. Hall · filed 1989-08-22

Where, as here, post-maturity interest of the payment due is unspecified in the instrument, a rate of nine percent per an-num shall apply. Section 408.020 RSMo (1986).

Section 408.020 permits a court to choose simple or compound prejudgment interest in its equitable discretion.

COMMERCIAL UNION ASSURANCE v. Hartford Fire Ins. · filed 2000-02-11

Prejudgment interest under § 408.020 may be simple or compound, as the Court determines when exercising equitable discretion. Buder v. Fiske, 174 F.2d 260, 274-77 (8th Cir.1949). Because plaintiffs waited a substantial period of time before they brought this judicial action, defendant shall be assessed only simple annual prejudgment interest on the amount of the judgment.

Section 408.020 does not address whether a court sitting in equity may award compound interest in a partnership accounting.

Palmer v. Palmer · filed 1991-03-12

As has been observed, § 408.020 and § 408.040 do not address the precise question herein. Moreover, the record provided this court discloses the trial court was sitting as a court of equity and as such, was empowered or authorized to apply compound interest under the rules announced in Sanguinett and Denny.

Section 408.020 prescribes a 9 percent legal interest rate, but an equity court may choose a different rate or compound interest in appropriate cases.

Knopke v. Knopke · filed 1992-06-30

We do not hold that a trial court is limited in every equity case to the statutory rate of legal interest, nor to simple interest. The trial court in an equity case has discretion, in certain cases, both as to rate of interest and as to compound as opposed to simple interest.

Section 408.020’s statutory interest rate does not govern an equitable prejudgment interest award when no contract brings the parties within its terms.

Taylor-McDonald v. Taylor · filed 2008-01-10

The limited holding from Leggett is not applicable to the case at bar because no contract existed between the Taylors and Daughters which would bring them under the terms of section 408.020 as to the rate of interest.

Section 408.020 allows 9% interest on a surety’s obligation from the date of an interlocutory default judgment against the principal through judgment against the surety.

Howard Construction Co. v. Teddy Woods Construction Co. · filed 1991-08-20

Pursuant to § 408.020, RSMo 1986, Howard Construction is entitled to interest under the circumstances herein at the rate of 9% from the date of the interlocutory default judgment against Woods Construction.

Section 408.020 allows prejudgment interest on reasonably ascertainable property damage, but not on lost business income or necessary expenses whose amounts cannot be reasonably ascertained.

MacHela Transport Co. v. Philadelphia Indemnity Insurance · filed 2013-11-21

With these principles of Missouri law in mind, we agree with the district court that the damage awards for lost business income ($54,238.84) and for necessary expenses ($29,743.88) were not reasonably ascertainable for purposes of awarding prejudgment interest under § 408.020. ... We disagree, however, that the property damage award ($90,981.28) was not reasonably ascertainable for purposes of allowing prejudgment interest on that category of loss.

Section 408.020 does not allow prejudgment interest when the applicable measure of damages is uncertain.

St. John's Bank & Trust Co. v. Intag, Inc. · filed 1997-02-11

Prejudgment interest is not awarded in cases where the measure of damages is not clear. ... Since this lawsuit began the parties have disputed which measure of damages is applicable.

Section 408.020 does not set post-judgment interest on a federal district court judgment; 28 U.S.C. § 1961 governs.

U.S. Fidelity and v. Housing Authority · filed 1997-05-19

USF&G shall be awarded post-judgment interest calculated in accordance with 28 U.S.C. § 1961, accruing as of the date of the final judgment on damages, February 5, 1996 (instead of a "per diem interest penalty" calculated in accordance with Mo. Rev. Stat. § 408.020 and accruing as of July 20, 1995).

Section 408.020 supplies the interest rate on a preference recovery from the dates of the transfers and after judgment.

Official Committee of Unsecured Creditors v. Sharp Electronics Corp. (In Re Phelps Technologies, Inc.) · filed 2000-03-02

Judgment is entered in favor of Plaintiff, for the benefit of the Debtor, and against Defendant Sharp Electronics Corp., in the sum of $700,000.00, plus interest at the rate established by Mo.Rev.Stat. § 408.020 from the dates of the various transfers and from and after judgment, plus the costs of this action.

Section 408.020 provides interest on unpaid back pay at 9% from the date the petition is filed.

Day v. Wright County · filed 2000-11-28

Accordingly, this case is remanded to the Circuit Court of Wright County for a determination, consistent with this opinion, of the total amount of back pay County owes Assessor as compensation for her services to the County, together with interest at the rate of 9% from the date of the filing of her petition. § 408.020, RSMo 1994.

Section 408.020’s nine percent interest rate does not apply when the parties agree to a different rate.

Heritage Roofing, LLC v. Fischer · filed 2005-05-24

Fischer similarly challenges the court’s award of interest, claiming that it awarded 12 percent interest per year from the date of Heritage’s invoice, which exceeds the nine percent rate allowed under section 408.020 RSMo 2000. But this statute is inapplicable where, as here, a different rate is agreed upon by the parties.

Section 408.020’s nine-percent interest rate does not apply to a surcharge against an estate’s personal representative for using estate funds.

Estate of Young · filed 2006-03-07

However, we find Section 408.020 does not apply to the subject matter of this case.

Section 408.020 provides 9% annual interest on a conversion claim, normally running from the date of conversion.

JCB, INC. v. Union Planters Bank, NA · filed 2008-08-26

The Missouri Court of Appeals has concluded, however, that the 9% rate in § 408.020 applies to conversion. ... The Bank also contends that the district court should have instructed the jury that it could “consider the good faith of [the Bank] in determining the date from which interest began to run,” but interest is normally awarded from the date of conversion under § 408.020.

Section 408.020 applies a 9% annual interest rate to conversion damages, normally beginning on the date of conversion.

JCB v. Union Planters Bank · filed 2008-08-26

The Missouri Court of Appeals has concluded, however, that the 9% rate in § 408.020 applies to conversion. ... The district court did not plainly err in its jury instructions relating to interest.

Section 408.020 allows pre-award interest on medical expenses owed by the Second Injury Fund when the expenses were due and readily ascertainable at the time of demand and payment was demanded.

Eason v. Treasurer of the State · filed 2012-05-22

McCormack sets forth three requirements that must be met under section 408.020 for an award of prejudgment interest: The expenses must have been due at the time of the demand, the amount of the expenses must have been readily ascer-tamable, and payment must have been demanded. ... Therefore, because Eason met all three McCormack requirements for pre-award interest, Eason is entitled to pre-award interest from the date he added the Treasurer to his claim.

Section 408.020 provides nine percent annual interest when no other rate is agreed upon, and statutory interest may accrue after an account is charged off.

Peters v. Financial Recovery Services, Inc. · filed 2014-09-18

Missouri law provides for a statutory interest rate of nine percent per year when no other rate is agreed upon. Mo.Rev.Stat. § 408.020. ... When a creditor charges-off an account this does not prevent the accrual of interest at the state statutory rate. Thus, even if the right to charge interest at the contractual rate was waived by GE’s failure to continue to send post charge-off billing statements, statutory interest could still be charged.

Section 408.020 allows statutory prejudgment interest on a charged-off credit-card debt even after contractual interest is waived.

Haney v. Portfolio Recovery Associates · filed 2016-09-21

Nothing inherent in the process of charging off a debt precludes a claim for statutory interest, and Missouri's prejudgment interest statute does not expressly preclude statutory prejudgment interest following a waiver of contractual interest.

Section 408.020 does not mandate prejudgment interest in an equitable garnishment action; the trial court has discretion to award it.

McDonald v. Insurance Company of the State of Pennsylvania · filed 2015-03-31

The McDonalds assert that they are entitled to prejudgment interest pursuant to section 408.020, RSMo 2000, and entitled to have costs assessed against ICSOP pursuant to section 514.060, RSMo 2000. ... "'In equitable actions, the determination of whether to award prejudgment interest is left to the discretion of the trial court.'" ... We remand for the circuit court to determine whether it wants to exercise its discretion to award prejudgment interest and costs in this case.

Section 408.020 requires nine percent prejudgment interest on liquidated or readily ascertainable amounts in actions at law; readily ascertainable damages are not a prerequisite for prejudgment interest in equity.

Jo Ann Howard & Associates v. National City Bank · filed 2021-08-30

Although the lack of a readily ascertainable amount could be a factor in equity that supports a decision to forgo an award prejudgment interest, see Robinson v. Langenbach, 599 S.W.3d 167, 187-88 (Mo. 2020), our best prediction of Missouri law is that there is no such hard-and-fast prerequisite for prejudgment interest in equity.