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TB OF BLYTHEVILLE v. LITTLE ROCK SIGN & EMBLEM6/2/1997
Id.
In this case, it is undisputed that Taco Bell holds, at the very least, a deductible interest in the litigation. Following prior rulings of this court, Taco Bell is the real party in interest.
IV. Trial Court Rulings on Evidence
Appellant contends that the trial court erred in excluding evidence related to the costs of making permanent repairs to the second sign. Relevancy of evidence is within the trial court's sound discretion, subject to reversal only if an abuse of discretion is demonstrated. Potlatch Corp. v. Missouri Pac. R.R. Co., 321 Ark. 314, 902 S.W.2d 217 (1995); Turner v. Lamitina, 297 Ark. 361, 761 S.W.2d 929 (1988).
We give deference to the judgment of the trial court in matters regarding the admissibility of evidence; however, in this instance, we think there was an abuse of discretion in excluding the evidence relating to the permanent repair of the second sign. As we have discussed supra, there were two separate contracts between the parties. Taco Bell is entitled to have a jury determine whether it should recover damages based upon the alleged defects in the first sign that fell; additionally, Taco Bell should be allowed to submit to the jury evidence regarding whether the second sign was faulty, and an important component of such evidence includes the amount of claimed damages. Costs expended to permanently repair the second sign are relevant to the jury's determination of damages in these issues.
V. Pre- and Postjudgment Interest
Prejudgment interest is compensation for recoverable damages wrongfully withheld from the time of the loss until judgment. This interest must be allowed for any injury where, at the time of loss, damages are immediately ascertainable with reasonable certainty. Where prejudgment interest is collectible at all, the injured party is always entitled to it as a matter of law. Wooten v. McClendon, 272 Ark. 61, 612 S.W.2d 105 (1981). We stated in Lovell v. Marianna Federal Savings & Loan Association, 267 Ark. 164, 589 S.W.2d 577 (1979): "The test in prejudgment interest cases is whether there is a method of determination of the value of the
property at the time of the injury . If such method exists prejudgment interest should be allowed."
We believe that the amount of property damage was ascertainable from the date of the sign falling and prejudgment interest should have been awarded in this case.
Postjudgment interest is governed by Ark. Code Ann. ยง 16-65-114(a) (1987), which states:
Interest on any judgment entered by any court or magistrate on any contract shall bear interest at the rate provided by the contract or ten percent (10%) per annum, whichever is greater, and on any other judgment ten percent (10%) per annum, but not more than the maximum rate permitted by the Arkansas Constitution . . . .
Postjudgment interest is to be awarded on the total amount of damages, including prejudgment interest, to compensate the recovering party for the loss of the use of money adjudged to be his. Hopper v. Denham, 281 Ark. 84, 661 S.W.2d 379 (1983). The purpose of awarding interest would be frustrated if a party were not compensated for the loss of use of all of his money, both before and after judgment. The award of interest is necessary to fully compensate an injured party. Chambers v. Manning, 315 Ark. 369, 868 S.W.2d 64 (1993) See also, Wooten v. McClendon, 272 Ark. 61, 612 S.W.2d 105 (1981).
The trial court erred by not granting prejudgment and postjudgment interest. Upon remand, interest should be awarded upon any jury determination of damages.
VI. Motion for New Trial
Tac
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