Minnesota Session Laws - 1984, Regular Session

  

                         Laws of Minnesota 1984 

                        CHAPTER 472-S.F.No. 1575
           An act relating to commerce; providing for the 
          computation of interest on mechanics' lien claims; 
          delaying the effective date of a bill carried over 
          from the 1983 to the 1984 regular session; proposing 
          new law coded in Minnesota Statutes, chapter 514. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [514.135] [COMPUTATION OF INTEREST ON CLAIMS.] 
    Except as otherwise provided by contract, interest awarded 
on mechanics' lien claims shall be calculated at the legal rate, 
as provided in section 334.01, from the time the underlying 
obligation arises until the expiration of 30 days after the 
claimant's last item of labor, skill, or materials was furnished 
to the improvement and shall be calculated thereafter at the 
rate computed for verdicts and judgments, as provided in section 
549.09.  
    Sec. 2.  [TECHNICAL CORRECTION.] 
    H. F. No. 559, if enacted at the 1984 regular session, is 
effective July 1, 1984, not August 1, 1983, and interest begins 
to accrue on July 1, 1984 on any pending causes of action.  
    Sec. 3.  [EFFECTIVE DATE.] 
    Section 1 applies to contracts entered into on or after 
August 1, 1984. 
    Approved April 25, 1984