STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 12%
• Contract Rate: Any agreed upon rate
• Juudgment Rate: 5% plus the base rate in effect at the time of judgment
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: 18 or upon marriage
• Contracts: Minors cannot disaffirm a contract to pay for things necessary for his support or the support of his family. Minors may contract for annuities or insurance. Any minor who purchases things via telephone solicitation may disaffirm the purchase within a reasonable time of turning 18 and parents of that said minor are not liable for the purchase.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Spouses are obligated towards each other mutual respect, fidelity and support. The primary duty of providing necessaries is the husband’s, but if the wife contracts necessaries alone she is solely liable.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: Oral, 4 years; Written, 5 years
•Judgments: 6 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.