Time for payment of claim or judgment; interest rate
Sec. 18. (a) A claim or suit settled by, or a judgment rendered
against, a governmental entity shall be paid by the governmental
entity not later than one hundred eighty (180) days after the date of
settlement or judgment, unless there is an appeal, in which case not
later than one hundred eighty (180) days after a final decision is
rendered.
(b) If payment is not made within one hundred eighty (180) days
after the date of settlement or judgment, the governmental entity is
liable for interest from the date of settlement or judgment at an
annual rate of six percent (6%). The governmental entity is liable for
interest at that rate and from that date even if the case is appealed,
provided the original judgment is upheld.
As added by P.L.1-1998, SEC.8.
Last modified: May 24, 2006