STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 16%
• Contract Rate: 16%
• Judgment Rate: 9%
• Corporate Rate: N.Y. Gen. Oblig. Law § 5-521
• Age of Majority: 18
• Emancipation: 18 or upon marriage N.Y. Gen. Oblig. Law § 3-101(3)
• Contracts: Contracts made by a person 18 years or older on or after Sept. 1, 1974 may not be disaffirmed on the grounds of infancy. An obligation incurred by a married minor for his or her child for hospital, medical and surgical treatment and care shall not be voidable because of minority.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• The spouse who received the services should be liable for the payment. A creditor seeking payment from the nondebtor spouse must be able to prove that the services were furnished on the nondebtor spouse’s credit and that the nondebtor spouse has the ability to pay the debt. Also, a contract made by a married woman does not bind her husband or his property.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 6 years
• Breach of Contract for Sale: 4 years
•Judgments: 20 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.