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HOUSE DOCKET, NO. 2092         FILED ON: 1/17/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1253

 

The Commonwealth of Massachusetts

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PRESENTED BY:

Tackey Chan

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act regulating the payment of interest.

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PETITION OF:

 

Name:

District/Address:

Tackey Chan

2nd Norfolk


HOUSE DOCKET, NO. 2092        FILED ON: 1/17/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1253

By Mr. Chan of Quincy, a petition (accompanied by bill, House, No. 1253) of Tackey Chan relative to the payment of interest after arbitration.  The Judiciary. 


The Commonwealth of Massachusetts
 

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In the Year Two Thousand Thirteen

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An Act regulating the payment of interest.
 

              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

              SECTION 1. Section 10 of chapter 251 of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by inserting after the first paragraph the following three paragraphs:

              Unless otherwise provided in the agreement to arbitrate, all awards not paid within twenty days after delivery of the award shall bear interest from the date of the award at the rate allowed under General Laws c. 231, §6H. 

              If any party establishes that the amount of the award was tendered within twenty days of the receipt of the award no interest shall be allowed in any proceeding. 

              Unless otherwise provided in the agreement to arbitrate, the unconditional acceptance of the full amount of any award shall be prima facie evidence that any claim for interest on the award has been accorded and satisfied.  

              SECTION 2. Section 11 of chapter 251 of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by inserting after the first paragraph the following paragraph:

              Upon application of a party, the court, in addition to any other relief requested under this chapter, may order any party not paying an award within twenty days to pay the interest due upon the award.  The court may deny the application or modify the interest rate or the date when interest shall accrue as provided in the agreement to arbitrate or based upon principles of law and equity.

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