STATE INTEREST RATES AND USURY LIMITS:
• Legal and Conventional Interest Rate: Cannot exceed 12%. La. Civ. Code Ann. Art. 2924
• Contract Rate: No set rate
• Judgment Rate: H.B. 1144 (La. 2012) amending La. Rev. Stat. Ann. § 13:4202 (A)(6)-(16), (B)
• Corporate Rate: Any debtor that is a domestic corporation, a foreign corporation, a partnership in commendam or a foreign limited partnership may agree to pay interest in more than the maximum rate of interest authorized by law. La. Rev. Stat. Ann. § 12:703
• Age of Majority: 18
• Emancipation: 18 or by judicial emancipation, emancipation by marriage and by limited emancipation by authentic act.
• Contracts: Contracts made by a minor are null and can be annulled at request by minor.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Spouses are liable for each other’s debt and are responsible for providing for each other.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
•Actions on Negotiable and Non-Negotiable Instruments: 5 years
•Money 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.