The Ohio Tax Commissioner is required, pursuant to Ohio Revised Code §5703.47, to determine the interest rate for certain taxes and other purposes on October 15 th of each year. The rate is computed by taking the federal short term interest rate as defined by 26 U.S.C. §1274, rounding it to the nearest whole number and adding 3%. Pursuant to Ohio Revised Code §1343.03(A) this rate applies to all judgments granted by Ohio courts - unless said judgment arises from a written contract between the parties that provides for a different rate of interest.
The tax commissioner has determined that this rate is 5% for the year 2020, the same rate that was in effect for 2019. Therefore, all judgments granted in Ohio in 2020 will bear interest at the rate of 5% per annum until satisfied, except where there is a written contract providing for a different rate of interest. Pursuant to Ohio Revised Code §1343.03(B) the rate stated in the judgment entry remains in effect until the judgment is satisfied.
The fifth episode of our popular What's on Tap? webinar series discusses collections of deceased accounts. Hear how to best handle collections when there is an outstanding balance due, but the owner has passed away. This episode featured Philadelphia attorneys Scott Best, Cameron Deane, and Andrew Condiles.
Insights / 5 September 2024As you may recall, Weltman recently posted a blog entitled Know Your Subrogation Rights with MedPay and PIP, which was a follow up to our recent #AskaPro webinar on the same subject. The blog recapped the some of the key answers provided by our panel of subrogation attorneys.
Insights / 3 September 2024In states like Michigan, where non-judicial foreclosures are allowed by state law it has been widely accepted that state law also governs the rights of the United States when a senior lien is foreclosed upon non-judicially.
