STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 7%
• Contract Rate: 16% for amounts $3,000 or less, any rate allowed on amounts greater than $3,000
• Judgment Rate: Based upon annual interest rate established by the Federal Reserve System on the day of judgment plus an additional 3%, unless there is a written contract present, then there will be no 3% increase.
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: Marriage, with or without parental consent
• Contracts: Generally voidable, however at the age of 18 they may be full reinstated.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• There are no statutory requirements between spouses to provide necessaries to one another.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Oral Contracts: 4 years
• Written Contracts: 6 years
• Sealed Instruments: 20 years
•Judgments: 7 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.