Louisiana

STATE INTEREST RATES AND USURY LIMITS:

• Legal and Conventional Interest Rate: Cannot exceed 12%. La. Civ. Code Ann. Art. 2924

• Contract Rate: No set rate

• Judgment Rate:  H.B. 1144 (La. 2012) amending La. Rev. Stat. Ann. § 13:4202 (A)(6)-(16), (B)

• Corporate Rate:  Any debtor that is a domestic corporation, a foreign corporation, a partnership in commendam or a foreign limited partnership may agree to pay interest in more than the maximum rate of interest authorized by law. La. Rev. Stat. Ann. § 12:703

 

LEGAL AGE:

• Age of Majority: 18

• Emancipation:  18 or by judicial emancipation, emancipation by marriage and by limited emancipation by authentic act.

• Contracts: Contracts made by a minor are null and can be annulled at request by minor.

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• Spouses are liable for each other’s debt and are responsible for providing for each other.

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

•Actions on Negotiable and Non-Negotiable Instruments: 5 years

•Money Judgments: 10 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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