Pennsylvania

STATE INTEREST RATES AND USURY LIMITS:

• Legal Rate: 6%

• Contract Rate: 6% for loans of $50,000 or less. 41 Pa. Cons. Stat. Ann. § 201

• Judgment Rate: 6%

• Corporate Rate: See 41 Pa. Cons. Stat. Ann. § 301(f)

 

LEGAL AGE:

• Age of Majority: 18

• Emancipation: 18 or upon marriage or emancipation by court. 23 Pa. Cons. Stat. Ann. § 4323

• Contracts: A minor may disaffirm a contract unless it is for necessaries. Cent. Bucks Aero, Inc. v. Smith, 310 A.2d 283, 284 (Pa. Super. Ct. 1973)

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• Creditor may file a suit against the husband or wife. The creditor must first have an execution against the debtor along but if no property of that spouse is found, execution may be satisfied through the other non-debtor spouse’s property. 23 Pa. Cons. Stat. Ann. § 4102

• Spouses are liable for the support of each other and their children. Parents may also be liable for the support of their children over the age of 18. 23 Pa. Cons. Stat. Ann. § 4321

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

• Contracts: Oral, 4 years; Written, 20 years

•Judgments: 4 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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