sec.14Accrual of interest on money in court

sec.14 Accrual of interest on money in court

Interest accrues on the money in court credited to a proceeding or account as follows— interest accrues at the rate applying under section 13 ; interest accrues each month on the minimum monthly balance of the proceeding or account; for paragraph (b) , the minimum monthly balance is rounded down to the nearest whole dollar amount; interest accrues for a month only if there is an amount credited to the proceeding or account on every day of the month; Interest does not accrue for a month if, after the first day of the month, an amount is paid into court and credited to the proceeding or account for the first time. interest does not accrue for a month during which the entire amount credited to the proceeding or account is paid out of the court suitors fund.

• (a) interest accrues at the rate applying under section 13 ;
• (b) interest accrues each month on the minimum monthly balance of the proceeding or account;
• (c) for paragraph (b) , the minimum monthly balance is rounded down to the nearest whole dollar amount;
• (d) interest accrues for a month only if there is an amount credited to the proceeding or account on every day of the month; Example— Interest does not accrue for a month if, after the first day of the month, an amount is paid into court and credited to the proceeding or account for the first time.
• (e) interest does not accrue for a month during which the entire amount credited to the proceeding or account is paid out of the court suitors fund.