STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 10%
• Contract Rate: Not to exceed 15%
• Judgment Rate: On or after July 1st, 1996, the rate of interest on judgments rendered by courts shall be 12%, Also on or after July 1st, 1996, it shall be presumed that applying interest at the rate of 10% will result in the correct total of interest accrued on any judgments. Kan. Stat. Ann. §§ 16-204(e)(1)-(3)
• Corporate Rate: No set rate
• Age of Majority: 18 or 16 years or more and married
• Emancipation: 18 or upon judgment by law
• Contracts: Minors are liable for contracts unless the minor disaffirms the contracts within a reasonable time of reaching 18
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• A minor is bound by contracts for necessaries. Parents are obligated to provide for their children and those who do not can face a felony of criminal nonsupport. Husbands and wives are viewed as equals but before a creditor may seek payment from one spouse, they must first pursue payment from the spouse that received the services. A parent’s nonsupport if a severity level 10, nonperson felony.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: All actions upon contracts (not in writing), 3 years; Contracts in writing, 5 years
• Judgments: 5 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.