Ohio

STATE INTEREST RATES AND USURY LIMITS:

• The parties to a bond, bill, promissory note or other form of writing for a debt may not charge more than 8% interest. Ohio Rev. Code Ann. § 1343.01(A)

• Corporate Rate: No set rate

 

LEGAL AGE:

• Age of Majority:18

• Contracts:  Contracts not for necessaries may be disaffirmed within a reasonable time of turning 18. Hof man v. Edson Co., 173 N.E. 307, 308 (Ohio Ct. App. 1929)

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• Spouses must support each other even in the event that a married person is unable to do so then the other spouse must support the spouse. Ohio Rev. Code Ann. § 3103.03(A). Parents have a duty to support their children even beyond the age of majority as long as the child is still in high school. Ohio Rev. Code Ann. § 3103.03(B). The biological parent, adoptive parent or a parent whose signed acknowledgement of paternity assumes the duty to support the child. Ohio Rev. Code Ann. § 3103.031. When the husband cannot support himself, the wife must help as long as she is able. Ohio State Univ. Hosp. v. Kinkaid, 549 N.E.2d 517, 519

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

• Contracts: Oral, 6 years; Written, 8 years

•Judgments: 10 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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