STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 6%
• Contract Rate: 8%
• Judgment Rate: 7.5%
• Age of Majority: 19
• Emancipation: 18 or if abandoned by legal parent or guardian for more than one year
• Contracts: Contracts of minors are voidable.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Between husband and wife, The Supreme Court of Alabama held the doctrine void. 596 So. 2d 578, 580 (Ala. 1992).
• A husband is not liable for the debts of his wife, which she contracted before marriage. The opposite is also true.
• Spouses have an obligation to provide for each other and their children provided they have the means to do so.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: Written under seal, 10 years; Not written under seal, 6 years; Any simple contract not specifically defined; 6 years
• Open Accounts: 3 years
• Judgments: 20 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.