New Mexico

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

 

LEGAL AGE:

• 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. 

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