| IOWA | NEBRASKA | SOUTH DAKOTA | |
| Pre-Judgment Interest | 5% or rate agreed to in contract, but not exceeding 2 points above average. 10-year constant maturity interest rate of U.S. govt. notes and bonds as published by the board of governors of the fed. reserve system for the calendar month 2nd preceding the month during which the max. rate based thereon will be effective, rounded to the nearest ¼ of 1% per year (Iowa Code 535.2) – (LRB Note: currently 3.5%)
Accrues upon due date / default
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Contract rate up to 16%. No limit if interest charges made on goods/services sold under installment contract (Neb. Rev. Stat. 45-101.03)
Loan or forbearance of money or goods – 6% or amount agreed to in writing, but not more than 16%) (Neb. Rev. State. 45-102) Money due on any written instrument – 12% or rate provided in contract (Neb. Rev. Stat. 45-104) Accrues from date of plaintiff’s first offer of settlement which is exceeded by the judgment (Neb. Rev. Stat. 45-103)
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Breach of contract to pay money (S.D.C.L. 21-2-2)
Contract rate; if none, then 10% (S.D.C.L. 21-1-13.1 – catchall provision where any general “obligation to pay interest.” Blenner v. City of Rapid City, 2003 S.D. 121, 670 N.W.2d 508, 515 (2003)) “Under an obligation to pay interest, no rate being specified”, 12% (S.D.C.L. 54-3-4) Silent interest rate in an “instrument in writing or moneys lent, or due on any settlement of accounts” – 15% (S.D.C.L. 54-3-5; Kremer v. Am. Family Mut. Ins. Co., 501 N.W.2d 765, 771 (S.D. 1993)); SDCL 57A-3-104(b) defines “instrument” as a negotiable instrument, including a contract. No limit of agreed interest rate post-breach: Any legal rate of interest agreed by contract remains chargeable after a breach until the contract is superseded by a verdict of law (S.D.C.L. 54-3-6) Any interest rate on a bill, statement, or invoice may not exceed 18% (S.D.C.L. 54-3-5) Mechanics’ liens – See 44-9-6.1 – 10% from date of lien recording |
| Post-Judgment Interest | Rate expressed in contract, but not exceeding max. rate allowed under 535.2 (see above)
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Contract rate or 2% above bond yield, as published by Sec. of the Treasury of the U.S., of the ave. accepted auction price for the first auction of each annual quarter of the 26-week U.S. Treasury bills in effect on the date of entry of judgment. (Neb. Rev. Stat. 45-103) | 10% from and after date of judgment and date of filing statutory lien (S.D.C.L. 54-3-5.1)
Accrues from date debt incurred (S.D.C.L. 54-3-4) |
| Usury Prohibited | Yes (Iowa Code 535.4) | Yes (Neb. Rev. Stat. 45-105) | No, if rate is established by written contract (S.D.C.L. 54-3-1.1) |
| Attorney Fees For Breach of Contract | Yes, if contract contains an agreement to pay attorney fees (Iowa Code 625.22)
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No, only recoverable where provided by statute or custom – GFH Fin. Servs. Corp. v. Kirk, 437 N.W.2d 453, 459 (Neb. 1989) | Yes (S.D.C.L. 15-17-38) |
| Costs | Yes | Yes (GFH Fin. Servs. Corp. v. Kirk) | Yes (S.D.C.L. 15-17-37) |