John Siebel Associates v. Keele

Opinion

ASHBY, J.

A judgment debtor seeks to partially vacate a judgment entered pursuant to stipulation on the ground that it is void because it provides for an interest rate greater than the rate set by the Constitution. The first question before us is whether a stipulated judgment may carry a 15 percent interest rate. We find that it may not. We must also determine whether the stipulated judgment in this case was enforceable and, therefore, subject to the constitutional interest rate at the time it was entered. We find that the judgment was qualified when first entered and not subject to the…