I have to file a lien on somebody. I'm good on the the lien and filing, but I can't seem to find any information on the allowable interest I can charge and how it is compounded. This will be filed in North Carolina.
TIA
JB
Here, the rate is set by law. I'm thinking 12 percent. Compounded annually, I think.
You should be able to find this in your State's Statutes somewhere.
JB,
I just filed one a few months ago. I think it is set at either 6% or 8%. It stinks having to go that route. Good luck.
Craig
JB,
“You should be able to find this in your State's Statutes somewhere.”
His Holiness has provided an excellent suggestion.
I have only filed about five or ten liens during my career and it is prudent to check the current statutes so you can charge the maximum interest without being subject usury violations. I also add a $125 “administrative fee” to the lien amount to cover filing fees, your time etc.
Good luck and have a great week!