STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 6%
• Contract Rate: No limit
• Judgment Rate: 12% from the date of commencement of the action
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: 18 unless legally incapacitated for reasons other than insufficient age
• Contracts: Minors 15 or older may contract for life or endowment insurance. Minors 16 or older may contract for motor vehicle liability insurance.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Both spouses are liable jointly or separately for debts for necessaries given to either spouse or member of their family.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 6 years
• Contracts Under Seal: 20 years. Mass. Gen. Laws Ann. ch. 260, § 1
• Contracts for Sale: 4 years
•Judgments: 20 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.