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Head Industrial Coatings & Services Inc. v. Maryland Insurance Co.7/29/1998
ade in the second judgment. Head has directed this court to two cases in which appellate courts reviewed this type of fact situation (i.e. judgment against insured followed by suit against insurer, with supplementary payments clause). In both cases, the courts stated categorically that interest continued to run on the first judgment until the insurer satisfied the second judgment in full. Tender of the policy limits did not stop the accrual of interest on the first judgment. In the Western Casualty case, however, the court explicitly stated that it did not sanction the apparent double recovery of postjudgment interest, but that no point of error was addressed toward that question.
In a slightly different situation, the Supreme Court rendered judgment against the insurer for the policy limits, plus interest on the first judgment-not until entry of the second judgment, but "until the date of payment." Baucum v. Great Am. Ins. Co., 370 S.W.2d 863, 867 (Tex. 1963). The Court did not mention any award of interest on the second judgment, but rested its decision upon the previously cited Plasky decision for the proposition that the contractual interest continued to run until the terms of the contract were met: i.e., that the interest was "paid or tendered or deposited in court." Baucum, 370 S.W.2d at 865; Plasky, 335 S.W.2d at 582. In Plasky, the Supreme Court reversed the court of appeals, affirming the trial court's judgment. In that judgment, the trial court had rendered judgment for interest on the first judgment until the date of the second judgment, and then interest on the second judgment at the statutory rate. Thus, our first Maryland opinion rendered judgment in precisely the same manner as did the Plasky court.
The judgment of the trial court is affirmed.
Date Submitted: June 23, 1998
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