STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 8%
• Contract Rate: Not to exceed 10% or 5% above the discounted rate
• Judgment Rate: Contract rate or the rate set by the judge hearing the complaint
• Corporate Rate: Not to exceed 15% and 5% above the discounted rate
• Age of Majority: 21
• Emancipation: 18 years old or younger and married, emancipated by court of law or emancipated for the purpose of health-care decisions by court of law
• Contracts: Contracts made by minors 18 years or more may be binding
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Neither spouse may be held liable for debts incurred in providing necessaries for the other. When both spouses have contracted a third party creditor one may be held liable for the other’s debts.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: Oral, 3 years; Written, 3 years; Sale of Goods, 6 years
•Judgments: Domestic of Record, 7 years; Not of Record, 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.