DelawareState Collection Laws

STATE INTEREST RATES AND USURY LIMITS:

• Legal Rate: 5% over the Federal Reserve discount rate Del. Code Ann. tit. 6, § 2301

• Contract Rate: Not to be 5% over the Federal Reserve discount rate Del. Code Ann. tit. 6, § 2301

• Judgment Rate: Rate stated in contract sued upon. Del. Code Ann. tit. 6, § 2301

• Corporate Rate: Every corporation has the right to make contracts as they determine. Del. Code Ann. tit. 8, § 122

 

LEGAL AGE:

• Age of Majority: 18

• Emancipation: 18

• Contracts: 18

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• For married couples, both husband and wife are responsible for their own personal debts. The only exception to this rule is when the spouses have contracted jointly for necessaries. Del. Code Ann. tit. 13, § 311

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

• Contracts: 3 years

• Bills and Notes: 6 years

• Judgments: Domestic, 5 years; Foreign, filing and statute

 

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. 

 

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