Yaldo v. North Pointe Insurance

In this case, we are asked to determine the applicable rate of interest on a judgment for plaintiff because of defendant’s failure to pay plaintiff’s claim under an insurance contract. We hold that the lower courts properly found that subsection 5 not subsection 6 of MCL 600.6013; MSA 27A.6013 is controlling. Therefore, we affirm the award of twelve percent interest to plaintiff.

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In 1988, plaintiff sold his business, the New Inkster Market, to Kanouno Enterprises, Inc. Kanouno signed a land contract and executed a promissory note and security agreement. An insurance policy was issued,…