Under the terms of each invoice Alliance sent Top Cat, interest "accrue at the rate of 1.5% per month starting 60 days from INVOICE DATE." At the time Alliance filed for summary judgment, late-payment interest totaled $194,233.32 and continued to accrue at "$155.39 per day."īased on the summary judgment evidence presented, the trial court awarded Alliance $315,087.21 in "actual damages " $198,739.63 in "contractual pre-judgment interest " 2 $70,000 in attorney's fees post-judgment interest on actual damages at an annual "contractual rate of 18% " and, post-judgment interest on all other damages at "the rate of 5% per annum." Top Cat subsequently superseded the judgment pending its appeal by posting a cash deposit in the amount of $371,802.90, the apparent sum of the "actual damages" awarded and interest for the estimated duration of the appeal.
Alliance made "dozens of deliveries" but was not paid in full. As reflected in the record, Top Cat contracted with Alliance to "source and deliver" materials needed to make concrete. The underlying appeal follows a summary judgment in favor of Alliance on its sworn account claim. We agree and increase the amount of security accordingly. The trial court characterized the late-payment interest awarded as "contractual pre-judgment interest" 1 and, in setting the amount of security Top Cat Ready Mix, LLC had to post to suspend the judgment against it, did not include it as "compensatory damages." Alliance Trucking, L.P. MEMORANDUM OPINION ON MOTION TO REVIEW TRIAL COURT'S ORDER SETTING AMOUNT OF SUPERSEDEAS SECURITYĪt issue in this motion to review supersedeas security is whether "contractual interest" on late payments is "compensatory damages" for purposes of Texas Civil Practice and Remedies Code section 52.006 and Texas Rule of Appellate Procedure 24.2(a)(1), which govern the suspension of enforcement of money judgments pending appeal.
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