STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 10%
• Contract Rate: No set rate
• Judgment Rate: Rate determined by the state treasurer as the prevailing discount rate of interest on 26-week United States Treasury bills at the last auction plus 2 percentage points.
• Corporate Rate: 10%
• Age of Majority: 18
• Emancipation: Not specified
• Contracts: May disaffirm contracts but is still liable in an action for restitution for the benefit received
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Applies to all married people equally. Medical provider must first seek payment from the spouse who received the services before pursuing collection from other spouse. Whichever spouse who makes more money or has more resources is responsible for contributing to the support of the other spouse and family.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 3 years; 20 years under seal
•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.