GeorgiaState Collection Laws

STATE INTEREST RATES AND USURY LIMITS:

• Legal Rate: 7%

• Contract Rate: 16% for amounts $3,000 or less, any rate allowed on amounts greater than $3,000

• Judgment Rate: Based upon annual interest rate established by the Federal Reserve System on the day of judgment plus an additional 3%, unless there is a written contract present, then there will be no 3% increase.

• Corporate Rate: No set rate

 

LEGAL AGE:

• Age of Majority: 18

• Emancipation: Marriage, with or without parental consent

• Contracts: Generally voidable, however at the age of 18 they may be full reinstated.

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• There are no statutory requirements between spouses to provide necessaries to one another.

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

• Oral Contracts: 4 years

• Written Contracts: 6 years

• Sealed Instruments: 20 years

•Judgments: 7 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. 

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