STATE INTEREST RATES AND USURY LIMITS:
Category A rate of interest is 4.5% per year; category B rate of interest is 10% per year; category C rate of interest is 12% per year; category D rate of interest is 1% per month; category E rate of interest is 4% per year; category F rate of interest is 15% per year; and category G rate of interest is .83% per month. S.D. Codified Laws § 54-3-16
• Age of Majority: 18
• Emancipation: Upon expressed agreement of the parents/guardians, marriage, serving on active duty in the armed forces or receving a declaration of emancipation.
• Contracts: No minor may give a delegation of power. If under 16 the contract made while may be disaffirmed by the minor before or within a year after reaching 18. A minor cannot disaffirm a contract to pay for their own necessaries.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Parents have a legal duty to support each other and their child. Parents are jointly or severally obligated for providing for each other and their family. If a person cannot provide necessaries for their spouse then a person in good faith may supply support and can recover the reasonable value from that person.
• A person abandoned by their spouse is not liable for the spouse’s support until the spouse offers to return except in cases where A person who is able to provide for the other spouse but leaves them in a destitute condition and does not help them could be charged with a Class 6 felony if found guilty
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts, Obligations or Liabilities, Expressed or Implied: 6 years
•Actions Upon Sealed Instruments (except real estate mortgages): 20 years
•Actions Upon a Judgment or Decree of any Court of this State: 20 years
•Actions Upon a Judgment or Decree of any Court other than this State: 10 years
•Actions for Relief not Otherwise Provided For: 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.