STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 6%
• Contract Rate: H.B. 1357 (N.D. 2013) amending N.D. Cent. Code §§ 47-14-09(1),(2)
• Judgment Rate: Any agreed upon rate in contract. N.D. Cent. Code §28-20-34
• CORPORATE RATE: No special rate
• Age of Majority: 18
• Emancipation: Ceases by court of law or upon marriage
• Contracts: A minor cannot delegate power. A person 18 years or less may not make a contract relating to real property that is not in that person’s immediate possession or control. A minor may enter into contracts in the same manner as an adult. The contract of a minor may be disaffirmed within one year after turning 18. A minor cannot disaffirm an obligation under the express authority or direction of statute.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Spouses are mutually liable to any person who in good faith supplied either spouse with support. The earnings of one spouse are also not liable for the debts of another spouse.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 6 years after the claim for relief has accrued. An action for breach of contract for sale must be commenced within 4 years after the claim for relief has accrued.
•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.