Opinion ID: 1436870
Heading Depth: 1
Heading Rank: 8

Heading: Interest upon stock retained by Sam

Text: (20) The trial court awarded Mitzi all of Ann's stock retained by Sam, together with 7 percent interest upon its fair market value, which interest is to run from the date of judgment until the date of delivery to Mitzi. Defendants correctly contend that interest may only be awarded on a money judgment, and not upon a judgment awarding stock or other personal property. ( Estate of Neilson, 57 Cal.2d 733, 748-749 [22 Cal. Rptr. 1, 371 P.2d 745]; Sullivan v. Wellborn, 32 Cal.2d 214, 219 [195 P.2d 787]; Jones v. Sacramento Sav. & Loan Assn., 248 Cal. App.2d 522, 531 [56 Cal. Rptr. 741]; Chase v. Leiter, 96 Cal. App.2d 439, 459 [215 P.2d 756]; Estate of Lockhart, 21 Cal. App.2d 574 [69 P.2d 1001].) Plaintiff's theory is that the court's judgment was in effect a money judgment since it ordered defendants to deliver the stock to Mitzi within five days after entry of judgment or face a money judgment for the fair market value of the stock, computed according to various specified methods. Plaintiff asserts that defendants failed to deliver the specified stocks to her within the five-day period, thereby converting the award of stock into a money judgment upon which post-judgment interest properly could be imposed. Defendants claim, however, that pursuant to a gentlemen's agreement with plaintiff's counsel, defendants acted as expeditiously as possible to comply with the judgment and to deliver the stocks to the clerk of the court, that plaintiff never objected to the brief delay in depositing these stocks, and that defendants should be deemed to have substantially complied with the judgment in this respect. In view of the fact that resolution of the question involves matters occurring subsequent to the entry of judgment and lying outside the record, we think it appropriate that the trial court determine whether, in fact, defendants have complied with the judgment as it pertains to the delivery of the stock. As indicated above, however, in the event the trial court finds that defendants did comply with its judgment, no post-judgment interest may be imposed upon the value of the stocks.