STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 10%
• Contract Rate: Any agreed upon rate in writing
• Judgment Rate: Any agreed upon rate or less than 10% if not agreed upon
• Age of Majority: 18
• Emancipation: 18 or married to an adult or is a veteran who is entitled to benefits
• Contracts: Minors are governed by common law. Age 16 years and older may contract for educational loans, and age 15 years and older may contract for life or disability insurance
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Each spouse is equal in respects to their property. In an action against the community, spouses will be sued jointly. In an action on debt or obligation, spouses will be sued jointly and the obligation will be first satisfied through the community property and then from the separate property of the spouse who contracted the debt.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• In-State Contracts: 6 years
• Out-of-State Contracts/Foreign Judgments: 4 years
• Oral Contacts: 3 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.