STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 5%
• Contract Rate: 7%
• Judgment Rate: Variable
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: 18 or upon marriage
• Contracts: Contracts are binding for necessaries at fair rates, void if prejudicial and voidable at the choice of the minor either during his minority or within a reasonable time of turning 18.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Legislation decides whether liability should extend to both of the spouses, just one, or neither.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 6 years
•Judgments of Record: 10 years
•Judgments not of Record: 6 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.