STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 8%
• Contract Rate: 8% when parties agree in writing. Ky. Rev. Stat. Ann § 360.010 (West, WESTLAW through End of 2001 Reg. Session)
• Judgment Rate: 12%
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: Upon marriage, although marriage does not give minor full and legal rights
• Contracts: Voidable until a minor reaches the age of majority. A minor may also be held liable for contracts for necessaries
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
•The husband is only liable for any debt or responsibility of property he received from his wife during marriage and is liable for necessaries furnished to her after marraige.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: Oral, expressed or implied, 5 years; Written, 15 years
•Judgments: Domestic & foreign, 15 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.