STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 15%
• Contract Rate: 15%
• Judgment Rate: 8.75%, unless based on child support then it is up to 10%
• CORPORATE RATE: No special rate
• Age of Majority: 18
• Emancipation: 16 and over who is married, member of the United States Armed Forces or living apart from parents/guardians and the court finds it in the minor’s best interest.
• Contracts: An emancipated minor may enter into binding contracts but is not bound by any unperformed agreement.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Both spouses contract towards each other mutual obligations of support
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Oral Contracts: 4 years
• Written Contracts and Judgments not of Record: 6 years
•Judgments of Record: 14 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.