STATE INTEREST RATES AND USURY LIMITS:
• Rate of Interest: 10.5%
• Judgment Rate: 3% above the 12th Federal Reserve District discount rate in effect on January 2 of the year in which the judgment is entered.
• Corporate Rate: Not set
• Age of Majority: 18
• Emancipation: 18 or upon marriage
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• If the property is the sole property of one spouse, the other spouse is not liable for the debts of the other provided a contract has not been signed stating otherwise.
•Neither spouse is liable for the debts of the other incurred before marriage.
•A married person may make contracts and those contracts will be enforced in the same manner as if they were unmarried.
•Each parent is bound to their obligations to their child and each child is bound to their obligations of their parents.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 3 years
•Sealed Instruments: 10 years
•Judgments: 10 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.