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| | | An Act To Simplify Calculation of Legal Interest |
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| | | Emergency preamble. Whereas, Acts of the Legislature do not become | | effective until 90 days after adjournment unless enacted as | | emergencies; and |
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| | | Whereas, the unification of the District Court and the Superior | | Court became effective on January 1, 2001; and |
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| | | Whereas, since that date, there has been ambiguity and confusion | | regarding the proper methodology for calculating prejudgment and | | post-judgment interest; and |
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| | | Whereas, in the judgment of the Legislature, these facts create | | an emergency within the meaning of the Constitution of Maine and | | require the following legislation as immediately necessary for | | the preservation of the public peace, health and safety; now, | | therefore, |
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| | | Be it enacted by the People of the State of Maine as follows: |
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| | | Sec. 1. 10 MRSA §1113, sub-§4, as enacted by PL 1993, c. 461, §1, is | | amended to read: |
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| | | 4. Delayed payments. Except as otherwise agreed, if any | | progress or final payment to a contractor is delayed beyond the | | due date established in subsection 3, the owner shall pay the | | contractor interest on any unpaid balance due beginning on the | | 21st day, at an interest rate equal to that specified in Title | 14, section 1602-A, subsection 2 |
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