MichiganState Collection Laws

STATE INTEREST RATES AND USURY LIMITS:

• Legal Rate: 5%

• Contract Rate: 7%

• Judgment Rate: Variable

• Corporate Rate: No set rate

 

LEGAL AGE:

• 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. 

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