STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 9%
• Contract Rate: 10%
• Judgment Rate: 9%
• Corporate Rate: Unlimited, when allowed
• Age of Majority: 18
• Emancipation: 18 or upon marriage
• Contracts: Minors may enter into contracts for housing, employment, car purchases, student loans, educational costs, medical care, bank accounts and admission to a shelter for victims of domestic violence. No action shall be initiated on any debt of a minor until the minor turns 18 or unless the contract is ratified.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• All property belonging to a person before marriage will not be liable to be taken by any process of law for the debts of his/her spouse. A spouse’s property is exempt from all debts incurred by the other spouse. Either spouse may be held liable for providing necessaries. When spouses have separate assets, liability first falls on the spouse who incurred the debt and then onto the other spouse.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: Written payment for money or property, 10 years; Written, expressed or implied, 5 years
• Open Accounts/Credit Cards: 5 years
•Judgments: Domestic of Record, 10 years; Not of Record, 5 years
This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice please contact an attorney.