TennesseeState Collection Laws

STATE INTEREST RATES AND USURY LIMITS:

• Legal Rate: 10%

• Contract Rate: 4% above the average prime loan rate

• Judgment Rate: For any judgment entered between July 1st and December 31st, is 2% less than the formula rate for June of the same year. For any judgment entered between January 1st and June 30th is 2% less than the formula rate for December of the prior year.

 

LEGAL AGE:

• Age of Majority: 18

• Emancipation: No provision through marriage

• Contracts: A minor can avoid and disaffirm a disadvantageous contract not for necessities upon the attainment of their majority.

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• Both spouses are equally liable to provide necessaries. All married women may make any contract, bind herself personally and sue and be sued with all the rights as if she were not married.

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

• Contracts: 6 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. 

Contacted
by BCC?