Sikorsky Financial Credit Union, Inc. v. Butts

Summary

The court held that contractual or statutory postmaturity interest on an unpaid loan continues to accrue after entry of judgment until the balance is paid. Because the contract did not specify a postmaturity rate but did not waive postmaturity interest, the statutory legal rate of 8 percent applied rather than the contract's 9.14 percent rate or discretionary interest under § 37-3a. The court also held that the repossession and deficiency statute permits recovery of interest as part of the balance due under the contract and remanded for recalculation of the interest award.