VermontState Collection Laws

STATE INTEREST RATES AND USURY LIMITS:

The rate of interest is 12%. The rate of interest for a retail charge agreement, the finance charge can be agreed upon by the parties involved but cannot exceed 21%.

 

LEGAL AGE:

• Age of Majority: 18

• Emancipation:  18 or upon marriage, on active duty in the armed forces or has been ordered emancipated by court of law

• Contracts: A minor 15 years or more may contract for insurance

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• All personal property acquired by a woman before or during marriage is her own for her separate use. The wife’s property should not be used at the husband’s disposal to pay for debts. A wife is not liable for her husband’s debts.

• The Supreme Court of Vermont prohibits creditors from reaching a wife’s property to satisfy her husband’s debt.

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

• Contracts: 6 years. In circumstances of an action brought on a promissory note signed in the presence of an attesting witness shall be commenced within 14 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. 

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