The West Virginia Supreme Court has set an interest rate of 7% on monetary judgments and decrees for 2013.
A 2007 law requires the court's administrative office to determine the interest rate. The law says the rate will be 3%age points above the secondary discount rate in effect as of Jan. 2 at the Federal Reserve Bank in Richmond, but it can't be less than 7% or more than 11%.
The Fed rate on Wednesday was 1.25%, so the additional 3% would have produced a rate less than the statutory minimum. Consequently, the court imposed the 7% minimum.
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