STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 6%
• Contract Rate: 12%
• Judgment Rate: 6%
• Corporate Rate: No special rate
• Age of Majority: 18
• Emancipation: Upon marriage, on active duty in the armed forces or has been ordered emancipated by court of law. Va. Code Ann. § 16.1-333
• Contracts: May enter into contracts for necessaries. Zelnick v. Adams, 561 S.E.2d 711, 715 (Va. 2002)
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• A spouse who deserts or neglects to provide for the other spouse and/or children will be found guilty of a misdemeanor. Va. Code Ann. § 20-61
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 10 years within actions or upon recognizance; 3 years in actions or motions upon a recognizance of bail in a civil suit. 5 years in which a contract is not otherwise specified and is in writing and 3 years in actions upon any unwritten contract.
•Judgments: 20 years
•District Court 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.