STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 12%
• Contract Rate: 21%. Alternate rate of 9% plus the domestic prime rate
• Judgment Rate: 12%
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: No provision in law
• Contracts: Minors are capable of entering into contracts but contracts for necessaries are voidable.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Both spouses are liable for necessaries incurred by each other.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts/Judgments: Contracts or liabilities under seal and actions on judgments or decrees of any court of record shall be commenced and sued within 20 years. All civil actions shall be commenced within 10 years after the cause of action shall accrue, and not after.
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.