Indiana

STATE INTEREST RATES AND USURY LIMITS:

• Legal Rate: 8%

• Contract Rate: 36% on balances less than $1,050; 21% on amounts over $1,050 and less than $3,500; 15% on amounts over $3,500. Ind. Code Ann. §§ 24-4.5-2-201, 24-4.5-3-508

• Judgment Rate: 8%

• Corporate Rate: No set rate

 

LEGAL AGE:

• Age of Majority: 18

• Emancipation: When a minor no longer wants to be under parental control and understands the consequences of being emancipated. Minor must also be financially stable and able to support themselves. Ind. Code Ann. §§ 24-4.5-2-201, 24-4.5-3-508

• Contracts:  A minor 16 years or older may contract for life although it is voidable and held liable for necessaries. Ind. Code Ann § 27-1-12-15. Ind. Code Ann. § 29-3-8-5

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• Each spouse is responsible for their own debts. Fuehrer v. Fuehrer, 651 N.E.2d 1171

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

• Contracts: Oral, 6 years; Written contract for payment of money, 6 years; Written contract for anything but payment of money, 10 years

•Judgments: 20 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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