Court Opinion

ID: 9760996
Source: CourtListenerOpinion
Date Created: 2023-08-29 01:28:01.867485+00
Date Added: 2024-06-11T07:29:19.553860
License: Public Domain

ON PETITION FOR REHEARING
PER CURIAM.
Polk and Sullivan, Inc., have timely filed a Petition for Rehearing asking this Court to determine whether pre-judgment interest should be awarded in this action, pointing out that this Court did not address that issue in our opinion filed December 4,1989.
Upon consideration of the Petition, we are of the opinion that the Petition should be granted and our judgment is accordingly modified to allow pre-judgment interest.
Polk and Sullivan, Inc., brought this breach of contract action against United Cities Gas Company seeking premiums due on insurance coverage obtained by Polk and Sullivan and pre-judgment interest on that amount. The amount of the premium in dispute was stipulated to be $29,064.29. Payment was due on July 15, 1985. Polk and Sullivan is accordingly awarded prejudgment interest from July 15, 1985, at the prime rate for that period, however, “not in excess of a maximum effective rate of ten percent (10%) per annum” in accordance with T.C.A. § 47-14-123.