Judgments Enforcement (Northern Ireland) Order 1981

Interest N.I.

127.—(1) A money judgment under which a sum exceeding £200 or such other amount as may be prescribed by rules is due and payable (not being a judgment for a penal sum for securing principal and interest) shall, subject to any contrary provision in the judgment, carry such interest at such rate as may be prescribed by rules of court from the date on which the judgment was given until the date of the application under Article 22 or 23(1) or until payment of the amount due on foot of the judgment, whichever first occurs.

(2) An order charging land under Article 46 and a charging order on funds, stock or shares under Article 58 may provide for the payment of interest on any sum secured by the order at such rate and in respect of such period as may be prescribed by rules of court.

(3) The Office shall not be obliged to recover interest unless—

(a) the interest is payable on a money judgment and the creditor specifically requests its recovery by the Office; or

(b) the interest is payable on a sum secured by a charging order on funds, stock or shares which requires the payment of dividends or interest to the Office.