STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 6%
• Contract Rate: 8% OR 6% for any agreed upon rate for loans in excess of $100,000 OR 4.5% in excess of the discount rate on 90-day commercial paper effect at the Federal Reserve Bank
• Judgment Rate: For judgments less than $50,000 rate is calculated based on the secondary market yield of one-year United States Treasury bills. Minn. Stat. § 549.09(c)(1)-(2), (e)
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: No provisions
• Contracts: Minors are liable for contracts to provide necessaries.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• A spouse is not liable to a creditor for any debts of the other spouse. If a husband and wife are living together then they are jointly or separately liable for necessary medical services that have been given to either spouse. Either spouse may close a credit card account or any other consumer line of credit of which both spouses are liable by giving written notice to the creditor.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 6 years
• Contracts for Sale: 4 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.