MississippiState Collection Laws

STATE INTEREST RATES AND USURY LIMITS:

• Legal Rate: 8%

• Contract Rate: Not to exceed 10% or 5% above the discounted rate

• Judgment Rate: Contract rate or the rate set by the judge hearing the complaint

• Corporate Rate: Not to exceed 15% and 5% above the discounted rate

 

LEGAL AGE:

• Age of Majority: 21

• Emancipation:  18 years old or younger and married, emancipated by court of law or emancipated for the purpose of health-care decisions by court of law

• Contracts: Contracts made by minors 18 years or more may be binding

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• Neither spouse may be held liable for debts incurred in providing necessaries for the other. When both spouses have contracted a third party creditor one may be held liable for the other’s debts.

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

• Contracts: Oral, 3 years; Written, 3 years; Sale of Goods, 6 years

•Judgments: Domestic of Record, 7 years; Not of Record, 3 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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