STATE INTEREST RATES AND USURY LIMITS:
• Legal and Contract Rates: Any agreed upon rate or 10%
• Judgment Rate: The interest rate established for the federal court system
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: 18 or upon marriage
• Contracts: A minor is bound for reasonable value of necessaries but may disaffirm them before or within the time he reaches 18. No contract can de disaffirmed in cases where the minor misrepresents his age and the other party believed the minor was capable of contracting. A minor 16 years or older may contract for insurance.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Both spouses are responsible for family expenses and may be sued together or separately.
• In an action by a creditor against either spouse the creditor or debtor is entitled to recover collection costs, interest and attorney fees.
• Neither spouse is personally liable for debts of the other which were contracted before or during marriage. The property of a spouse may not be reached by a creditor to satisfy the debt of the other spouse.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: Non-Written, 4 years; Written, 6 years
•Judgments: 8 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.