STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 8% a year in absence of an agreement
• Contract Rate: 12%
• Judgment Rate: 10% a year on judgments on out-of-state executed or secured contracts, as agreed up to the legal interest rate allowed in the foreign state. In the case of a debt from a hospital, prejudgment and post-judgment interest shall be no more than 5% a year.
• Age of Majority: 18
• Emancipation: A minor age 16 and over may petition for emancipation upon the grounds of marriage, active duty with the United States Armed Forces, the minor lives separately from his parents and is financially independent or if evidence is shown that emancipation is in the best interest of the minor.
• Contracts: A minor 15 years or more may contract health, life and accident insurance for his benefit or for his immediate family.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Each spouse is liable for their own purchases. It is the duty of both spouses to support the family and both are liable for necessaries.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: Oral, 3 years; Written, 6 years
•Judgments – Domestic of Record: No execution to enforce a judgment for money damages after 20 years; no action based upon such a judgment may be instituted after 25 years; no execution to enforce a judgment for money damages rendered in small claims after 10 years; no action based upon any judgment may be instituted after 15 years. Conn. Gen. Stat. Ann. § 52-598(a)-(b)
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.