Massachusetts General Laws ch. 231 sec. 6I – Interest rate; schedule
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Section 6I. Interest required to be paid by the commonwealth pursuant to this section shall be calculated at a Weekly average one-year constant maturity Treasury yield, as published by the Board of Governors of the Federal Reserve System, for the calendar week preceding date of the judgment; provided, however, that such interest shall not exceed the rate of ten percent per annum. The secretary of administration and finance shall maintain a schedule of the rate described above for the distribution to all clerks of courts.
Terms Used In Massachusetts General Laws ch. 231 sec. 6I
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC